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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 88441
Experience:  Attorney experienced in commercial litigation.
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I leased a car 2 months ago. 2 weeks ago they said I had to

Resolved Question:

I leased a car 2 months ago. 2 weeks ago they said I had to come in and re-do the paperwork because they "made a mistake." They went on to say the monthly price would be lower because they sold the lease to a bank and the bank liked my credit more than the dealership did.

1- this whole thing sounds outlandish. Why would the bank accept this loan at a lower rate?

2- I am dissatisfied with the car. Can I use this as a reason to get out of the lease and walk away from the car?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

1) This sounds like what is called "yo-yo lending" and it is an unfair and deceptive business practice in CA. While it is possible that they transfered your loan to a bank and the bank will give you a better rate, chances are that once you get there you will find the rate has been increased or something has been increased in the deal or they want a larger down payment. Legally you do not have to agree to the contract when you do speak with them.

2) While you legally do not have to agree to the change in contract and they cannot force you to do so, you still have a binding contract and they can still continue to enforce that contract and the only way out of the lease (absent a cancellation clause in the lease) would be a mutual agreement with the dealer to allow you out of the lease and terminate the contract.



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Law Educator, Esq., Lawyer
Satisfied Customers: 88441
Experience: Attorney experienced in commercial litigation.
Law Educator, Esq. and 2 other Consumer Protection Law Specialists are ready to help you

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