Bought and financed a car at a dealership in Pennsylvania. Week later, the dealership calls and said they made an error on the interest rate on the original finance papers, want me to come in and resign new paperwork with a higher interest rate than originally signed for. Am I legally bound to do this or are they legally bound to honor the original contract?
1 Answer from Attorneys
This is called yo-yo or spot financing. it is illegal. what happened is that the dealer agreed to terms and thought it could transfer the contract to a particular bank. they gave you the vehicle, then, the bank probably told the dealer no.
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