We recently relocated to Las Vegas NV, where unfortunately we had to file for bankruptcy on May 21, 2012, We were originally going to reaffirm the car that we were in pocession of, but changed our minds upon receiving a letter from a local car dealer that was offering a special deal of financing for persons who recently filed for bankruptcy.
After meeting with dealer and selecting a car, we submitted the proper paper work and were told that we were approved. We went to the dealership and signed contract
and left with vehicle; the contract had dealership listed as creditor. Now four days later we were contacted by the dealership stating that the finance company (Tide Water Funding) they went through did not approve the financing due to the fact that I worked a part-time job at 20 hours a week.
There is a resind clause on the back of the contract, but we did not sign the front of the contract relating to it. The dealership now wants us to sign a new contract at a higher interest rate and has raised purchase price by $100.00, or we must return the vehicle. We put down $1000.00 on car.
Dealership is stating that our "Simple Interest Vehicle Contract and Security Agreement" is not valid.
Is this in fact not a binding agreement? They listed themselves as the creditor not the finance company that ended up denying the loan
We tried to rectify situation fairly with the dealership but they just shifted numbers, adding in payment of warranty of $315.00 which contract states comes with purchase of vehicle, and we no longer feel comfortable with the deal.
Can you please let us know what legal rights we have in this situation.
Dealership apparantely made a mistake in obtaining finance and is now trying to bully us into signing a new contract at a higher interest rate and added monies to the cost of the vehicle.