non-disclosure of interest rate

[toyz2dr]

What is the name of your state?What is the name of your state? Colorado

I got a loan from a large financial institution. When asked what the percentage rate would be the agent that processed the request stated it would be 18%.

After seating me in another room and processing the actual loan paperwork he went over the monthly payments, due date, and loan amount. He failed to state that the interest rate was actually 21% (which I would not have agreed to). He also failed to mention there was an additional loan origination fee and when asked if the amount of the note was the loan payoff amount, he said yes.

After reviewing the document at home, I discovered that total payoff was much higher than I was led to believe.

I never used the money from the loan. I cashed the check and returned the face amount back to the finance company.

Can I contest this contract? I don't want to have to pay the loan origination fee of $222.18 especially since the agent was less than truthful with me.

Thank you for your time.

 

[divgradcurl]

What is the name of your state?What is the name of your state? Colorado

I got a loan from a large financial institution. When asked what the percentage rate would be the agent that processed the request stated it would be 18%.

After seating me in another room and processing the actual loan paperwork he went over the monthly payments, due date, and loan amount. He failed to state that the interest rate was actually 21% (which I would not have agreed to). He also failed to mention there was an additional loan origination fee and when asked if the amount of the note was the loan payoff amount, he said yes.

After reviewing the document at home, I discovered that total payoff was much higher than I was led to believe.

I never used the money from the loan. I cashed the check and returned the face amount back to the finance company.

Can I contest this contract? I don't want to have to pay the loan origination fee of $222.18 especially since the agent was less than truthful with me.

Thank you for your time.

You are probably hosed. Unless they actually changed the contract after you signed it, if you signed a contract with the 21% interest and the loan origination fee, well, you are responsible for reading before you sign. Not trying to be mean, but how do plan to prove what the guy told you anyway? Courts generally treat signed contracts as "it" -- courts assume that if you didn't agree to what's in the contract, you wouldn't have signed it.

You can check with a local attorney if you want, but more than likely you will have to chalk this up to a learning experience, and remember to take the time to read and understand a contract before signing it.