I live in the State of Maryland.
Phew. here goes. sorry if this is long.
On May 27th, I purchased a new car. My car had broken down and repairs would have been outragous, making it in my best interest to get a new one. I went to a dealership and was totally honest. "I need a car and my credit is horrible." After filling out some applications, they were able to find me financing for a used vehicle. They printed me out a contract and i signed. On this contract, was my monthly payments of $176 for 60 months. The total amount of interest, interest rates, price of car, etc etc.
A week later, I received a phonecall from the bank which was providing the financing to verify my place of residence, name, and a few other things. I was told what my payments would be and that I need to get full coverage insuarance on my vehidle. About another week later, I receive a phonecall from the dealership stating that "the loan could not be verified" and that the bank who had offered me financing "changed their mind" because they believe my "job" is not stable/reliable enough.
Now the dealership said I either had to find my own financing, find a co-signer or bring the vehicle back. My fiancee said she would co-sign for me and we ran the information past the dealership and they found financing if she co-signed (NO PAPERS were signed yet), but the new financing would be for 30 months instead of 60 and a much higher monthly payment that I cannot afford. If I have to turn the car back in, I will be stuck without transportation.
Can they really "change" their mind like that? Are they obligated to stick with the original terms in the contract or do I have to take the car back? I'm so stuck.
Phew. here goes. sorry if this is long.
On May 27th, I purchased a new car. My car had broken down and repairs would have been outragous, making it in my best interest to get a new one. I went to a dealership and was totally honest. "I need a car and my credit is horrible." After filling out some applications, they were able to find me financing for a used vehicle. They printed me out a contract and i signed. On this contract, was my monthly payments of $176 for 60 months. The total amount of interest, interest rates, price of car, etc etc.
A week later, I received a phonecall from the bank which was providing the financing to verify my place of residence, name, and a few other things. I was told what my payments would be and that I need to get full coverage insuarance on my vehidle. About another week later, I receive a phonecall from the dealership stating that "the loan could not be verified" and that the bank who had offered me financing "changed their mind" because they believe my "job" is not stable/reliable enough.
Now the dealership said I either had to find my own financing, find a co-signer or bring the vehicle back. My fiancee said she would co-sign for me and we ran the information past the dealership and they found financing if she co-signed (NO PAPERS were signed yet), but the new financing would be for 30 months instead of 60 and a much higher monthly payment that I cannot afford. If I have to turn the car back in, I will be stuck without transportation.
Can they really "change" their mind like that? Are they obligated to stick with the original terms in the contract or do I have to take the car back? I'm so stuck.
