M
mom4
Guest
auto loan contract
my daughter signed a "binding contract" through an automobile dealership in san luis obispo, california yesterday morning and then found out through her bank that the person that was going to co-sign for her was not able to do it,she called the dealership this morning and told them the problem she was having and they told her that she had signed a binding contract and it states that if she couldn't get the loan through her bank that she would get the loan from them at 23%. she doesn't know for sure what her legal rights are. she definitely does not want to pay 23% interest for a car loan. i have looked up the "cooling off rule" but i'm wondering if this pertains to her. please give me some advice as to what she should do, as soon as possible. thank you
[Edited by mom4 on 04-27-2001 at 01:27 PM]
my daughter signed a "binding contract" through an automobile dealership in san luis obispo, california yesterday morning and then found out through her bank that the person that was going to co-sign for her was not able to do it,she called the dealership this morning and told them the problem she was having and they told her that she had signed a binding contract and it states that if she couldn't get the loan through her bank that she would get the loan from them at 23%. she doesn't know for sure what her legal rights are. she definitely does not want to pay 23% interest for a car loan. i have looked up the "cooling off rule" but i'm wondering if this pertains to her. please give me some advice as to what she should do, as soon as possible. thank you
[Edited by mom4 on 04-27-2001 at 01:27 PM]