Legal Question in Banking Law in California
If you purchase a vehicle at agreed to terms,sign all standard contracts, turn in current vehicle, take passession of new vehicle, and have new vehicle for over three weeks, can the dealer change the terms of the financing, raising the interest rate or demanding $3,000 to $4,000 more of a down payment? Isn't the sales contract a binding agreement to both parties?
Asked on 9/22/10, 8:03 pm
2 Answers from Attorneys
Michael Stone
Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
It's called a yo-yo sale,. and no, they can't get away with it unless you let them.
Answered on 9/27/10, 9:14 pm
Mr. Stone may be right or he may not. You will have to look at the terms of your contract. Some dealer contracts legally make the sale conditional on you qualifying for financing and you agree to return the car or rewrite the terms if you don't. Three weeks may be illegally long, though.
Answered on 9/28/10, 4:33 pm
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