Can the dealership re-negotiate the terms of my vehicle purchase a week later?

Business 7 views 2 answers
I live in Mesa, Arizona. I "bought" a car last week (2-11-16), signed the financing agreements, and took possession of the vehicle. I get a call today (2-18-16) from the dealership - they need me to come in because the banks - as the salesperson put it - were "pushing back" on the financing. They asked if I would either be "willing to find a cosigner", or if we could "look at the financing" again. So in reality they didn't have the financing agreed to already and misrepresented themselves on the contract. This is not right. I would like an idea of what my rights and recourse in this matter are.

Attorney Answers

2
Hyung Choi ·
I am answering this on my cell. So please excuse any typos. This is called yo-yo delivery. It is not legal in some states, but it is legal in Arizona. Your contract (the long one with interest rates) will have this contingency in both front and back. Dealers sometimes use this to make you sign new contract with increased profit. It is hard to tell what is truky going on. Your best response is to ask the dealer to cancel the contract and give your money back. As long as you did not sign any separate document stating you will pay mileage or use fee, you should get all of your down payment back. And you should try to communicate via email so you have written proof. Good luck.
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Glenn Allen ·
That's actually very common. When you leave the dealership your loan is not complete, they shop it around for approval based on the terms they think they can get. Again, while it doesn't seem right, it's a very common practice in the automotive industry.
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