dealership problems

[chasnat]

What is the name of your state? montana

i bought an suv 3 weeks ago. the dealership said that my credit had been approved, we signed the contract, agreed on a payment amount and the interest rate and i took it home. one week later they said there was a problem with financing because of my gross income. another week passed and they were still having trouble getting the lender to lend to me because of my gross income. even tho i make 1600 gross (actually 1700) the lender wouldn't accept it because my guaranteed hours were only 32 and that didn't add up to 1600.

now they want my husband to co-sign or they want me to go thru a different bank with a higher interest rate.

do they have to stick to our original contract? with the same payment amount and interest rate?

 

[racer72]

The contract you signed is contigent on the loan being accepted. If the dealer cannot find a lender agreeable to the terms, the contract can be changed till a lender can be found. This might mean you need to put down more for a down payment or an higher interest rate or monthly payments. Or you can attempt to find a lender that will make a loan to your liking.

 

[chasnat]

thank you, you were right. i just got back from signing a new contract with a higher interest rate. i also got a lower montly payment and they came down 3000.00 in the asking price. i hope it ends here...........thanks again for the reply