Legal Question in Consumer Law in Pennsylvania
Auto Loan
I purchased a used vehicle from a Toyota dealership in March 2009. I signed all of the relevant contracts and took the car home. About 1 1/2 weeks later, they called to tell me that the bank hadn't approved the terms of the original loan and I needed to come and resign the revised loan terms. Now, over a month later, they are telling me that they are still having trouble getting a loan because of my income. If I have already signed a contract (twice!), is it legal for them to do so without having had bank approval? I have been driving around with this car for 5 weeks, and nobody has bothered to tell me that it still isn't approved!
Thank you,
M. Goode
1 Answer from Attorneys
Re: Auto Loan
You are a victim of what is commonly known in the automobile industry as a �yo-yo� sale, where the dealership is seeking to re-sell the same car to the same customer at a higher profit margin. These types of transactions are illegal. Simply put, once the paperwork is signed by the parties and the dealer releases the car to you, there should be no revisions or amendments to the agreement. An experienced consumer advocate should be able to help you with this issue.
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