Can a car dealer change the APR/payment terms once paperwork is signed and a purchase made?
Question Details: I just purchased a new car and signed all of the paperwork at a certain APR with a certain payment listed and now, a week later, the dealer is telling me that the APR and payments will be higher than what we agreed upon. Is this legal?
Terence Fenelon / Law Offices Of Terence Fenelon
Answered 8 months ago
This attorney is licensed in Illinois
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You would have to read your paperwork carefully. Many times, a dealership will quote an APR based upon the assumed creditworthiness of the borrower at the time the financing is agreed upon. A potential or eventual lender might not agree to the same terms if there is a problem with your credit and bump up the rate. You may, depending upon state law, have the option of cancelling the transaction and giving the car back.
