Hi, We have situation right now. My husband purchased his USED car on 08/22/2008. Car dealership told us to not going to other bank to get loan because they have better rate. He told us used car with 5.45% for 60 month. It is very good rate and we decided to use dealership loan.
Few days later, my husband went back to pick up some stuff that dealer ordered to my husband. Same sales guy told my husband that loan % was mistaken. It was not 5.45%, it is 5.99%.
We already finished Retail Installment sales contract(yellow long contract paper) same day when we purchased. Dealer signed and it was all done. My husband driving everyday for his commute.
Is anyway we can keep the rate? or we should change to higher rare whatever dealership said? If that case do we should re-do contract again?
thank you
We took advice#2 and another advice from one of friend who working major car company headquarter. I told to the dealer sales guy “Contract is deal, and the was done. If you want change the rate we will void the contract and you could pick up the car or take to the small claim court is another idea that I don’t really want do.”
If he wanted change the rate, he have to re-do all the paper work with same car price that he listing $1000 cheaper after sold theat car with same VIN . He is not supposed to listing ad with my husband car (VIN)with cheaper amount to just get customer that is against law. He said he is fine with 5.45%, it’s better for him to loose $300 instead of $1000. Thanks for advice!
Derrick