Legal Question in Consumer Law in California

car dealer wants more $
Ok so I just purchased a new car (a jeep) and I made it very very clear to them that I was a �first time buyer� with only $1,000 to give down on top of my trade in. I explained to them if and only if they could approve me with what I had, only them would I buy the car. They said YES, that they found three credit unions to that would give me a loan. I was happy with that and signed the contract.

So now a week later they are calling me saying they want more money. That I need to give an additional $1,200 because no bank would finance me. Now my question first of all is can they do that, and what are my options being that I don�t have the extra money to give. If in the worst case can I give the car back to them.

I thank you so much in advance.

Asked on 2/07/09, 11:23 am

Robert L. Hyde Hyde & Swigart, Attorneys at Law

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Re: car dealer wants more $

This is called "Yo-Yo"ing, and it is illegal. Read this: http://money.cnn.com/2004/01/14/pf/autos/yoyo/

If you have had the car longer than ten days, you are probably not obligated to return the car. Just keep making your payments on time to the dealer.

Answered on 2/07/09, 11:43 am

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