Legal Question in Consumer Law in Illinois

I purchased a new car a week ago, at that time a contract was signed starting that I would pay a 6.25% interest rate. Today, the financier told me I will need to pay a 15% interest rate because he couldn't approve my loan. Is this legal? What about the contract we signed? What can I do?


Asked on 3/17/11, 8:32 pm

1 Answer from Attorneys
Sal Sheikh www.BetterCallSal.com

This is very common and in my opinion, deceitful tactic used bu car dealerships.

Depending on what your "contract" says, you may have a valid "contract" and the dealer will be left shopping around for a lender.

I would advise that you have an attorney review your Contract.

Feel free to contact me.

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Answered on 3/21/11, 10:31 am


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