Legal Question in Consumer Law in California

Bogus Auto Loan

The dealership has contacted me after signing two seperate contracts on two different dates. Both contracts were ''denied'' financing by their banks. They now want me to sign a new contract with a much higher APR. I have a contract in hand. The signing date of the contract was 03/08/2008. They did not start contacting us until last week. Can I stick to the original contract and send the dealership the contracted payment as we dont have a lein holder? If i have to give the car back how do I go about getting my trade-in back. The dealership has already paid off my lein. Do I now have to re- finance my loan on my trade-in with the dealership?


Asked on 4/12/08, 3:53 pm

2 Answers from Attorneys
Lowell Houghton Law Offices of Hagop Chopurian

Re: Bogus Auto Loan

Once you drove that car off the lot you acquired the burden of paying for it. It is not the dealers fault that you did not qualify for the low rate. Find a loan.

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Answered on 4/12/08, 5:11 pm
Joel Selik www.SelikLaw.com

Re: Bogus Auto Loan

Take a look at what you signed. Does it indicate that you have to obtain a loan if you do not qualify for theirs? If not then you are in a strong bargaining position with them.

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Answered on 4/13/08, 10:24 am


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