down payment has changed

What is the name of your state? ohio

I bought a car over the weekend, I traded in a car also, the dealer called monday and said his wholesale buyer said the car was worth 3000 less than they gave me. The dealer wants me to come back in and re do the paper work and add the 3000 on to my loan. Can they do this?

Consult an attorney in this field for a small fee.

I'd be inclined to think the lender ( loan Co. ) had already approved your loan,and the paperwork with the dealer was signed dotted & T'd, but I could be wrong .

As an example your car ins. Co. gives you a quote on the information you and the broker supply. You sign up, pay that amount , you now have insurance .Come to find out there is an additional charge due to something that was left out ( they add the charge ).

It happens . My opinion they should eat the 3 grand, but that might not be the Law. There could be a clause in the contract that allows them to do what they are doing .

I'm not sure. I believe if they changed the "deal" you'd have the right to return the car, cancel the deal and walk away. You are only obligated to buy it based on what you agreed to pay AND get as trade in. AS we know, trade in "values' on the trade-in agreement are variable dependent upon the price of the car one is purchasing. When one is paying for a pricey car they can often see a greater trade-in shown than if they are buying a cheap car. I believe that you would have purchases based upon your bottom line, and if they change that bottom line, it's the same as changing the price of the car you are buying. Not sure, but I believe you might be able to walk from the deal under such circumstances.

DO call your state consumer protection office and ask them!

thanks for some info

my car was apparasied by 2 different people on saturday, and we agreed on the price of the car I was buying and the one I traded, all paperwork was signed, no loan problems or anything else. I just think if thier wholesale buyer would have paid them 3 grand more they wouldn't call me to give me a refund so I think that the deal should stand since both sides agreed to everything when the contract was signed.

I want to keep my new car

I want to keep my new car but I dont think the price should go up after I have already bought it.

Have you contacted your States Consumer Protection board yet ,as was suggested ?

It should be in your phone book,and most likely a toll free number .

thanks

I'll look for the number in ohio

I'm not a legal expert at all, but this is a common scam. I have little doubt that you do not have to buy the car or resign a contract. When they call you with this little trick, all you ahve to do is say "no" and hang up the phone. Then do what everyone else suggested. CYA you know.

kpen96 said:

I want to keep my new car but I dont think the price should go up after I have already bought it.

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Save your energy. If you have a valid contract, signed by all the appropriate parties, then you are 'home free'. The fact that the seller might have screwed up or over-valued your trade-in is their problem, not yours.
Enjoy your vehicle.... and tell them thank you for the good deal.