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

UPDATED: Jul 18, 2010

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Jul 18, 2010Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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


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

Answered 12 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption