Changing Financial APR

[ron5150]

I purchased a 2000 Dodge Durango back on Nov 19. I was approved for 4.9% Financing and also approved for a $1500 manufacturers rebate. They have already cashed the check and paperwork was signed.

Now the dealership's financing dept calls and tells me that they received a notice that on that year, make and model that the APR is 5.9% with a $1000 manufacturers rebate. He could not tell me the reason why it changed, just that his corporate office sent him a notice of this. I have not made a payment on the financing. They would like me to come back in a re-do the contract. I also have an option to return the car with no penalties. I would like to keep the car.

I called Chrysler Financial and they do not have any paperwork on me.

I reviewed the contract it states:
"After this contract is signed, the seller may not change the financing or payment terms unless you agree in writing to the change. You do not have to agree to any change, and it is unfair or deceptive practice for the seller to make a unilateral change."

What should I do? Can they do this?

 

[I AM ALWAYS LIABLE]

I purchased a 2000 Dodge Durango back on Nov 19. I was approved for 4.9% Financing and also approved for a $1500 manufacturers rebate. They have already cashed the check and paperwork was signed.

Now the dealership's financing dept calls and tells me that they received a notice that on that year, make and model that the APR is 5.9% with a $1000 manufacturers rebate. He could not tell me the reason why it changed, just that his corporate office sent him a notice of this. I have not made a payment on the financing. They would like me to come back in a re-do the contract. I also have an option to return the car with no penalties. I would like to keep the car.

I called Chrysler Financial and they do not have any paperwork on me.

I reviewed the contract it states:
"After this contract is signed, the seller may not change the financing or payment terms unless you agree in writing to the change. You do not have to agree to any change, and it is unfair or deceptive practice for the seller to make a unilateral change."

What should I do? Can they do this?

My response:

You're in the driver's seat. Finally, someone who has "bested" a car dealership. YES !!

Tell the dealership, "Sorry, I like my contract just the way it is, thank you very much." Also, inform them of this in writing by CERTIFIED RETURN RECEIPT MAIL, and also add that if they even "think" about reposessing your vehicle, you'll sue them for every penny they have, and report them to the DMV for deceptive trade practices, and see to it that their dealership license is yanked by the DMV.

They'll have to eat the difference. They cannot force you to change the contract, or enter into a new contract.

IAAL

 

[David J. Miller]

If you signed the paperwork, the deal is closed and they are stuck. They cannot make you sign new paperwork or return the vehicle. They can try, but the law is on your side in this case. Their error, their problem.

 

[ron5150]

Woo Hoo!! Thank you to all who replied.