What is the name of your state (only U.S. law)? Kentucky
First of all, thank you for taking the time to read this, i will try to keep it short but complete.
I purchased a car from a dealer on 4/6/08 and applied for a loan through them to finance the car. The original deal was 12% interest (my first car purchase) and i signed and left with the car. A few days later i got a call from the dealer telling me that the loan did not go through and that my interest rate would be higher. I went out to the dealership and the new interest rate was 15%. I reluctantly signed the contract and left with the car. Now i am worried that i was a victim of the yoyo scam. Basically they jacked the interest rate up on me to make more money out of me without reason. I tried to check and see if they even made an application for credit prior to the actual purchase, but inquiries on credit reports only show up for 2 years. I also tried to get information from the dealer, but they say they do not have the original contract anymore. Is there anything i can do or have i waited too long?
thanks again.
First of all, thank you for taking the time to read this, i will try to keep it short but complete.
I purchased a car from a dealer on 4/6/08 and applied for a loan through them to finance the car. The original deal was 12% interest (my first car purchase) and i signed and left with the car. A few days later i got a call from the dealer telling me that the loan did not go through and that my interest rate would be higher. I went out to the dealership and the new interest rate was 15%. I reluctantly signed the contract and left with the car. Now i am worried that i was a victim of the yoyo scam. Basically they jacked the interest rate up on me to make more money out of me without reason. I tried to check and see if they even made an application for credit prior to the actual purchase, but inquiries on credit reports only show up for 2 years. I also tried to get information from the dealer, but they say they do not have the original contract anymore. Is there anything i can do or have i waited too long?
thanks again.
