Their financing guy is only there on certain days to sign the papers so nothing was in writing reagrding the interest rate. We went back to sign the papers for the loan and was told it was significantly higher that what we were told. We had already bought the car. What are my options or am I stuck with a payment I can’t afford. It is $100 higher a month.
KARA
Comments
Did you sign the paper with the higher rate on it? If so, you may be stuck. Courts like things in writing, and if you signed for the higher rate, you have agreed to it.
Try to deal with the auto company and the bank, call the attorney general in your state and the BBB. You may have to see an attorney. It depends on what you signed.
If it isn’t in writing, it isn’t true.
You signed the papers anyway when you knew you didn’t like the interest rate?
If you signed papers, the deal is done and there is no “cooling off” period in which you can cancel the deal.
BTW, the higher interest rate probably came from the loan company after they checked your credit score. Your score may not be high enough to get the best rates.
Their financing guy is only their on certain days? Sounds bogus to me4. You sign the same day. I think you are stuck with it.
You should read before you sign anything sorry but I think you are stuck with it.
depends on what you signed. if you signed a finance contract the rate you were signing at is required to be there for you to see. if it’s the lower rate and now they want you to resign with the higher rate tell them to forget it.
if you signed at the higher rate already then you are pretty much screwed.
if you signed a purchase agreement but not a finance contract then you may have an out….since the dealer was arranging financing for you.
guess we need alittle more info to give you all the answers (like where are you, what exactly you signed, etc.).
Evidently you did not qualify for the lower rate…if you signed the papers knowing the rate would be higher…it’s over!
By signing the contract, you are in agreement with price, rate, payment
and term of the contract. The finance manager HAS to disclose all this information to you. Talk to the owner of the Dealership and you will be surprised what he can do. Dealers can talk to banks and finance companies and get special rates (favors)
I hope this helps you. Next time, don’t sign anything if you don’t agree with what’s in writing. Wish you good luck.
First law is the law of common sense - Caveat Emptor, (Buyer beware)
Whatever the salesman told you when he was trying to sell you the car is mostly beside the point. You should have read the small print. I’m sure you’ve noticed that the car salesmen like to keep the conversation on how much your monthly payment will be and it is quite difficult to get them to say anything about the total of how much you will actually pay. Here is the simple way to do that: Bring your own calculator. If they say $350.00 per month for 60 months then multiply 350 by 60 = $21,000.00.
I think you are stuck with this higher payment. You can try to sell the car or refinance after some time has gone by.
I agree with jimanddo