2018 vehicle in my possession for 2 weeks. Dealership needs me to change deductible

I initially was told that I was approved for the great financing that not many quality for. I signed the 5 year no money down contract and made arrangements to pick up the car the next day. I asked for the VIN so I could shop for insurance. I switched my old car out, added comprehensive and collision and opted for the 1K deductible. IHowever, when I went in the next day I was told there was a hiccup and that I actually did not have a credit score even close to qualifying so my only option was less desirable financing which is now a 6 year. Being late for work, I reluctantly signed, got in the car and drove away. Now 2 weeks and 1500 miles later, I have 3 messages from the dealership saying the bank will not fund them until i switch to a $500 deductible. This turns out to add just over 3K more out of my pocket for the duration of my loan. What options do I have?

Asked on March 28, 2018 under Business Law, Alaska

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

The problem is that *you* are ultimately responsible for the cost of the car, so if financing is not approved, you would become liable for the full price.
Potentially, if you feel that they lied to you about the terms of the sale or what you would get or have to pay, you may be able to file a lawsuit based on fraud to void the transaction--return the new car, less an amount for depreciation while you had and used it, and get your car back or its value back in money--but depending on how much your old car was worth and the depreciation on the new car, that might not help you; with a low-value older car and significant depreciation by the time the suit is heard, you might be out of pocket a significant amount. And you'd have to the time, cost, and complexity of suing; would have to prove they lied; and even then, it's not certain you'd win--no lawsuit is ever certain (don't believe any attorney who tells you a lawsuit is certain).
But if you don't sue for fraud and win, you will, as stated, be responsible for the full contract price of the car you bought, so if financing is denied, you'll have to pay it all out of pocket. If that's not an option for you, you may need to do what they request to ensure that financing does come through.


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