Legal Question in Consumer Law in Illinois
I purchased a new car a week ago, at that time a contract was signed starting that I would pay a 6.25% interest rate. Today, the financier told me I will need to pay a 15% interest rate because he couldn't approve my loan. Is this legal? What about the contract we signed? What can I do?
Asked on 3/17/11, 8:32 pm
1 Answer from Attorneys
Sal Sheikh
www.BetterCallSal.com
This is very common and in my opinion, deceitful tactic used bu car dealerships.
Depending on what your "contract" says, you may have a valid "contract" and the dealer will be left shopping around for a lender.
I would advise that you have an attorney review your Contract.
Feel free to contact me.
Answered on 3/21/11, 10:31 am
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