If a few days ago I financed a car, can I scrub the whole deal since this seems like predatory lending?

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If a few days ago I financed a car, can I scrub the whole deal since this seems like predatory lending?

I signed a contract specifying my interest rate and payment structure. Then 2 days after signing, the dealership got me back to their office to sign a new contract with higher rates and payments, claiming I hadn’t actually qualified for the rate in the original contract. I had just discovered that I qualified for a much lower interest rate with an independent financer, so I countered with this approval (even though I checked that this dealer accepted this financer). The dealer contact claimed he wasn’t sure that financer was accepted and that he would “check with the dealership manager when he gets back into the office tomorrow”.

Asked on January 1, 2013 under General Practice, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Given what you have written about you can have the loan that you were able to get through the independent financer and keep the car. You are under no obligation to keep the loan the car dealership got for you. Given your concerns with the car dealership, you may want to make a complaint against it with your state's department of motor vehicles which regulates such.


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