Cana finance company change the terms in a contract after30 days?

I purchased a new car on 06/18 from a dealership. I received a letter this weekend that they cannot honor the original agreement because of insufficient income against obligations and unacceptable ratio of credit requested to value the they assign to vehicle. What are my rights as a consumer? Plus, I traded in my other car as part of the deal, including putting money down. In addition, to receiving my monthly statement showing my payment amount and the total price for the car.

Asked on July 18, 2010 under General Practice, Indiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Generally, contracts are binding upon signature of the "party to be charged" meaning the party that has the obligations listed thereunder. So without looking at the contract one would say "no."  But the key here is reading the contract.  Was it "conditional" or in other words did it allow for Toyota to modify should you not qualify (that would have been the condition)?  It really has to be read in conjunction with the letter that you received to determine what is going on and what your rights are against them.  Bring the agreement and the correspondence to an attoreny in your area to read and discuss with you.  You may also have the right to cancel under the agreement if that is what you choose to do.  Good luck.


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