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bought a vehicle and signed a contract.Now they are having problems with the financing and want me to come in and sign a new contract.Do i have to do this?Or can i tell them to honor the original agreement and contract that was signed 13 days ago?
State/Country relating to Question: California
Thank you for using JustAnswer! What are the financing problems?
they seem to not be able to get someone to take on the loan
What does your original agreement say about financing?
annual % rate 8.25%
Is there any language that says that the agreement is contingent upon financing being approved?
only the annual % rate with the seller may be negotiable
Did you take possession of the vehicle?
yes
What does the contract say about "early termination"?
they can take back the vehicle if i do not make payments on time
What's the new contract that they want you to sign say? What do they want to change?
13.99% and $500 more down
That's awfully nice of them. From the facts that you've described, I don't see why you have a legal obligation to sign the second contract. Good luck and best wishes. I hope that you find this information to be helpful and this answer to be ACCEPTable!
Attorney
Explains legal matters based on 14+ years experience.