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LawTalk, Attorney
Category: Legal
Satisfied Customers: 37854
Experience:  I am a practicing attorney with more than 3 decades of experience in the legal field.
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I financed a car over the weekend at 1.9% and signed the contract

Customer Question

I financed a car over the weekend at 1.9% and signed the contract at 1.9% -- prior to this, the sales guy had came back to me during the negotiation and stated $788/m at 1.9% APR over 60-months.
At last, he mentioned there was a hiccup and that the interest rate would be 3.9% with a monthly price increase, total monthly payment for the vehicle would now be $828. When the deal was done, we went to financing and signed for the ORIGINAL negotiated pricing of $788/m at 1.9% APR..
Days later, the financing dept called me and told me I signed the contract that had the wrong monthly and APR. I told them it wasn't my problem and I signed the contract at 1.9%. I told him "would you go back and now sign for a higher interest rate and monthly increase"? He stood quiet and eventually said of course and also mentioned in the contract that it had a clause "seller may cancel if unable to find a financial institution" etc.. I told him good luck because I've tinted the windows and if they get the card back they'd need to sell it as "used" now.
REALISTICALLY they wont want the car back since I drove it off the lot etc. So what would you suggest? Fight for what I signed for? Give the car back? Or what.
Submitted: 2 years ago.
Category: Legal
Expert:  LawTalk replied 2 years ago.
Good afternoon,
I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.
I had a similar thing happen to me when I bought a new car years ago (in CA). The contract was enforceable and I got what I bargained for.
However, the clause allowing the dealer to reclaim the vehicle if they cannot get financing is a legal clause and they may ask for it back, despite the fact that you had the windows tinted.
At this point, really this is the dealer's call and if they want to lose the sale, then they can cancel the contract if they can't find 1.9% for you.
You are in a position to negotiate though and now might be the time to ask for an extended warranty or something else (think upgraded sound system or?) if you agree to the higher rate.
They also have the ability to buy the interest rate down and that is an option for them. It all depends on how much they profited off the sale to you how they will deal with this problem of their own creation.
You have the advantage as far a further negotiation goes, and their sole hold card is the ability to cancel the transaction if they can't get financing for you. If you aren't worried about that, then you can press hard for the lower financing that was contracted for.
You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.
Please remember to rate my service to you so that I can be compensated for helping you.
I wish you and yours the best in 2015,
Customer: replied 2 years ago.
Are they obligated to reimburse the money I spent for the tint job?
Customer: replied 2 years ago.
And when they get the car back, they're essentially forced to sell it as "used" now right?
Expert:  LawTalk replied 2 years ago.
You wrote: "And when they get the car back, they're essentially forced to sell it as "used" now right?
Technically no, that isn't right. Let me explain. They can still sell it as new as ownership has not vested in you or anyone else.
It will be a new car with extra miles on it, and if they don't peel off the window tinting they will sell it as having been upgraded with new tinting.
Please remember to rate my service to you.
I wish you and yours the best in 2015,
Expert:  LawTalk replied 2 years ago.
In follow up,
They are not legally obligated to reimburse you for money that you spent on the car since the time that you took possession.