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Good evening. I purchased a car this Saturday the 25th. We were approved for financing. We signed the Retail Installment Sales Contract with their financing manager. Agreed on our interest rate, monthly payments. Shook hands. And left with the car. This afternoon, the financing manager said the financing is no longer valid. I had to come up with another co-signer, $8000 for a down-payment, or give them the care back. We've already agreed to the payment agreement. I was already told I was approved. Am I being the victim of the Lemon Law commonly known as "Spot delivery" or "Yo-yo financing?" and isn't that Auto Fraud?
Optional Information: State/Country of Question: Colorado Already Tried: Internet research
Unless you signed a written contract which promised a certain payment plan and guaranteed financing, what you have here is a common problem of lack of financing resulting in the sale not happening or being renegotiated. If seller did so intentionally knowing you wont be approved you can report it to the BBB and state attorney general office.
We both signed the Retail Installment Sale Contract. That form contains the financial institution, interest rate, quantity of payments, and the due date of our first payment. Does that count as a written contract of promised payment plans?
it does but it is conditioned on financing. If there is no financing you can walk away and can report the seller as mentioned above.
Experience: Licensed attorney helping individuals and businesses