What can I do against a dealer who failed to contact me and is now forcing me to accept a higher rate 45 days after purchase?

I bought a used car from a dealer and paid off most of the car price (80 %) and financed the rest. On the day of purchase I signed everything and they made me sign the financing paperwork and I took the car. Now, more than a month later, they called me saying that financing didn’t work out and I have to either return the car or accept much higher interest rate (3 fold of what I signed). What rights do I have against them? They failed to call me inform within 21 days of purchase which is written on the contract..

Asked on June 10, 2012 under General Practice, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If the representative of the auto dealership is contacting you with respect to the car that you purchased and financed in part because for some reason your loan application was not approved and the new proposal for a loan is way higher than what you had agreed to, I would first consult with an attorney that practices in the area of consumer law to review all paper work that you received for the vehicle's purchase.

Based upon what the suggested attorney that you consult with says about the transaction, you have the following options:

1. ignore the dealership's request;

2. return the car and get your money back;

3. seek a new loan on your own at a rate that you can live with.


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