Consumer Protection Law

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I just signed and financed a loan from a dealership for a…

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I just signed and financed...
I just signed and financed a loan from a dealership for a used car at 12% and down payment. I drove the car home and 5 day she later dealership called and said my financeing fell through and now they have a new approval from a different lender but at 20% interest. That’s not what I agreed to and they want me to bring the car back
Submitted: 5 months ago.Category: Consumer Protection Law
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Customer reply replied 5 months ago
This happened in Washington
Customer reply replied 5 months ago
What are my options? I feel like this was a bait and switch tactic since I signed one contract for 12% and now they are changing it.
Answered in 1 hour by:
3/9/2018
Consumer Protection Lawyer: KnowYourRights, Lawyer replied 5 months ago
KnowYourRights
Category: Consumer Protection Law
Satisfied Customers: 32,841
Experience: Experience protecting consumers against unfair, deceptive, or fraudulent advertising, marketing and financial practices.
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Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

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Consumer Protection Lawyer: KnowYourRights, Lawyer replied 5 months ago

Good morning. Do you know why the financing was not approved? Have you sought to finance on your own?

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Customer reply replied 5 months ago
No and I have hard inquiries on my credit, do I have to take the car back
Consumer Protection Lawyer: KnowYourRights, Lawyer replied 5 months ago

Thank you for the reply. If the sale was conditioned upon certain financing and they were not able to get it and you do not want to accept the new terms, it would need to be brought back. It is up to you to pay the higher interest rate BUT you do not have to and would need to return the vehicle, as I have to believe you signed something, advising of the same unless the financing was improved. It is possible that they are hoping that since you have the car you will just keep it and knew they could not get the lower rate but if you want to report them, you could file a complaint with the Attorney General and allow them to investigate.

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Consumer Protection Lawyer: KnowYourRights, Lawyer replied 5 months ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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