Legal Question in Consumer Law in California

I bought a used car from a dealership and signed a contract agreeing to a specific interest rate, term, payment, and price. It has been 25 days since we formed the contract, and the sales manager is calling me now asking for me to send in my earnings statements in because he cannot sell my loan with the estimated monthly income I provided him. He wants me to sign a new contract now but with a shorter term, higher rate, and a higher monthly payment.What are my legal rights?


Asked on 11/09/10, 12:42 pm

1 Answer from Attorneys
Steven Simons Law Office of Steven A. Simons

You do not have to sign a new contract. Most California retail Instalment Sales Contracts allow the dealer 10 days to place the contract with a lender. there are a number of attorneys who beelive that the 10 day period is a violation of law. Even if the 10 days is legitimate, 25 days is well beyound the normal contract period. Call me tomorrow to discuss in greater detail the issues.

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Answered on 11/14/10, 10:28 pm


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