New Car Financing Contract Changed days later

[nync]

My husband and I signed a new car financing contract on 3-19-01. They gave us an excellent interest rate, much better than expected because of some past problems. We were very hesitant about closing the deal, but the LOW 2.9% rate was the convincing factor. We also gave them a trade-in car and $2000.00 cash. We signed the financing contract that day and we both understood that it was final. However, FOUR days later, we got a call from the finance guy at the dealership that he needed to see us. When we got there, we were stunned to here that the original financer had turned it down, and that they had been working really hard to get us a deal. Then, we were told that we could have the van at 13.9%. Of course, this greatly increased our payments and we were so angry. I had had the van for 4 days, loved it, and had showed it off to our friends and family. We haggled with them and they dropped the payments another $50.00 a month, but I was in tears when we signed the papers. I realize that we should have waited and that we signed under stress/duress. Is there any way to enforce the original contract?? I have a copy! Thanks so much for any advice.

 

[muriel]

same thing

Sorry I can't reply to your delemma yet but the same thing just happened to my wife and myself with a lease agreement. After we drve our new car back 2 days later to get floormats they told us we didn't have a deal because of a previous credit problem and gave me my trade in back. They put the car (new one) back on the lot to sell it as new.

 

[hoolio]

Act quickly to seek local legal advice

Firstly, this is not legal advice in any form. Given that, I've dealt with similar issues.

Since your original deal was signed on 03/19 and the subsequent deal was signed a few days later you may still be able to act on the duress aspect if your state has a "cooling off" period in its consumer law. Contact your state's consumer group (a web search may help) and seek immediate local legal advice. If there is a cooling off period it is quickly expiring.

Because both you and the vendor are in the same state the law should be clear and your rights will be protected.

When seeking advice ensure that you have all your information at hand as it will help your advisor determine if you have a reasonable case and will speed any action that needs to take place. The sort of information that you will need includes times and dates, copies of all the documents that you signed, and all correspondence to or from the vendor. You may also include a record of any verbal discussions that took place. Include such detail as times, dates, and contents of phone calls and other discussions between you and the vendor.

As a closing point, don't get discouraged and give up until your legal advisor says that there is nothing more to be done. This is exactly what the vendor wants you to do. If they are in the habit of using this technique to sell vehicles then your success may make them more wary and protect their next unsuspecting customer. Your success may have a direct benefit to others. Good luck with your venture.