Legal Question in Consumer Law in New York
Car financing bait and switch?
just traded in my car for $1000 and a 60 month financing deal. Now dealer is saying the mileage on new car is wrong on contract and doesn't know if bank will agree to this contract and will want a 48 month deal. Can they do this. Eveything was signed
1 Answer from Attorneys
Re: Car financing bait and switch?
This appears to be what is known as a "yo-yo" sale, where the dealer is trying to change the terms of the contract after the transaction is complete. Often the reason is that the dealer was unable to obtain financing at the promised rate. In this situation, the dealer may be in violation of the Truth in Lending Act (only if the amount financed is under $25,000) and/or the Fair Credit Reporting Act, in addition to being in breach of contract. If the dealer threatens to repossess the car, there may be additional violations of law. Please contact my office directly to discuss your situation further.
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