if when you buy a car and sign a contract for the amount of annual percentage rate in this case it is 2.9% and now they say I can not get that rate because of my credit score is not high enough they want me to pay three more months worth of payments from 72 to 75 months after we have had the car for two weeks the contract I signed says 2.9% for 72 payments can they change the rate after I signed the contract? that is my question thanks
2 Answers from Attorneys
If you want to rely on the contract (which is the correct thing to do), you also will have to comply with the language in the contract that it is contingent on getting approval for financing. Unless you have an unusual contract, it is in there, and that is why it is important to read the entire document and understand it before signing.
Unfoirtunately, you didn't read the contract and thus you got suckered by a common dealer practice. When you read the contract you will find that you bought the car and the contract was contingent on financing. When that falls through, you're stuck.
Next time, buy a car properly. The proper way to buy a car is to have financing PREAPPROVED at your bank or credit union. You can still let the dealer try and get a better rate, but if they can't, you use the loan you were preapproved for.