Consumer Protection Law
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I signed a "Retail Installment Sale Contract - Simple Finance Charge (with arbitration provision) at the car dealership today. I contacted my credit union after the fact. They pre approved me with a better apr. Can I back out of the dealership's loan and take my bank's loan?
Hello, are you there?
How are you?
Good, you? Just a little confused with all these dealership loan stuff.
So do you have any idea if I can go through my bank instead of the dealer?
I can certainly understand. The fact that after you signed the contract you discovered that you could have gotten a lower APR elsewhere would not give you legal grounds to rescind the contract. That said, there is likely no reason why you could not finanace this through your credit union and pay off the loan you signed today.
Ah...ok so will the loan through my credit union have to be a refinance loan or a new car loan?
Different outfits do things differently, so its hard to say. I would check with them, tell them your predicament, and see what they will do for you.
The fact that the car is this new, may make a difference if they handle the two types of transactions separately.
Sorry...I was just looking at this long document.
It was just the retail installment sale contract
So...does this mean I haven't signed the loan?
They said that the bank was going to call me in the future to ask about my references and etc
If you have signed the sales contract, but not the loan documents (and they would likely be separate) then you are fine.
Have you taken possession of the car yet?
It says Retail Installment Sale Contract - Simple Finance Charge
It sounds like its all part of the same thing. Does it contain language making reference to interest rates and the like?
It has a payment schedule
Then its all in there together.
Ok, so I'm stuck with the loan
Technically, yes. But as I indicated, there is probably no reason you could not immediately refinance.
Ok THANK YOU for your help and the peace of mind. I appreciate it!
Don't worry. You are not screwed, but to end up where you want to be there will be a few more steps for you.
I feel better. Thanks once again. Have a great night!