Car dealership changing terms

[lawrencekm]

I purchased a vehicle at a car dealership in MD ( I live in PA) They said I was approved through Ford Credit at 4.9% for 60 months , I agreed to the purchase , signed the contracts and left for home with the vehicle. Got a call two days later saying my credit did not score as high and the new interest rate is 11.9%.

Can they do this ?

 

[racer72]

You did read the load agreement that most likely states the offered interest rate depends upon appoval from the finance company? That is what they mean by the letters OAC after the posted percentage rates. Now you have to go back to the dealer and work out another deal. The same happened to me 3 years ago and the dealer cut almost $2000 off the price of the truck so I would keep it and it made the monthly payment the same as before. My state allows for the return of vehicles if the agreed contract cannot be honored. Read all the paperwork you signed and it should spell out all of your options.