Dealer Attempting to Change After Signed Contract

[lvassar]

I traded in my vehicle on June 24 toward another vehicle. We came to an agreement, and according to the dealership, I was approved for $271 x 72 months. When I approached the dealership, I made it very clear that my payment was to remain the same, and they managed to make it happen, until now.

I got a call from the Finance Manager this morning stating he had a better rate for my loan. Come to find out, the bank that initially approved the loan has since denied it due to the mileage of the vehicle. They are only able to offer $317 x 60 months. There is a signed agreement between the dealership and I at $271 x 72 months, but they're attempting to change it.

Do they have any recourse after signing a bill of sale with all the given information already agreed upon?

 

[army judge]

I traded in my vehicle on June 24 toward another vehicle. We came to an agreement, and according to the dealership, I was approved for $271 x 72 months. When I approached the dealership, I made it very clear that my payment was to remain the same, and they managed to make it happen, until now.

I got a call from the Finance Manager this morning stating he had a better rate for my loan. Come to find out, the bank that initially approved the loan has since denied it due to the mileage of the vehicle. They are only able to offer $317 x 60 months. There is a signed agreement between the dealership and I at $271 x 72 months, but they're attempting to change it.

Do they have any recourse after signing a bill of sale with all the given information already agreed upon?

Read your paperwork, read ALL of it, very carefully.

The "deal" was contingent upon you being financed.
The dealer was unable to obtain the financing you wanted.

Read the paperwork, you'll also be charged for USE of the car in the interim.

 

[lvassar]

You are correct. I found the clause, but it doesn't say anything about basically paying for a rental. It states all my payments will be refunded pending only "normal wear and tear of the vehicle". It's in the same condition, minus about 700 miles.

 

[army judge]

You are correct. I found the clause, but it doesn't say anything about basically paying for a rental. It states all my payments will be refunded pending only "normal wear and tear of the vehicle". It's in the same condition, minus about 700 miles.

Well, you'll see when you attempt to return it. Good luck.

 

[lvassar]

army judge,

I recently found out that they have already paid off my trade-in completely. Where do we stand at this point? I no longer owe a balance on my previous vehicle because they paid it, and the financing on the new vehicle fell through. How can this be fixed without legal ramification?

 

[adjusterjack]

This is a typical dealer scam. But they've pretty much got you over a barrel unless you can find financing through your bank or credit union.

 

[army judge]

army judge,

I recently found out that they have already paid off my trade-in completely. Where do we stand at this point? I no longer owe a balance on my previous vehicle because they paid it, and the financing on the new vehicle fell through. How can this be fixed without legal ramification?

Yes, as AJ, said; they conned you, they gotcha.

You need a lawyer in your county if you wish to pursue this.
Small claims won't work, your potential remedy lies in a higher court.
Notice I say, potential remedy, only a lawyer in your county can further advise you.

 

[txls]

You can probably still back out of the deal, get your trade back and the dealership can arrange to have your loan reinstated, if your bank is willing to cooperate. It has been done but the longer you let it go, the less likely, particularly if they have sold your trade. Go in today!