Legal Question in Consumer Law in Texas

cancellation of auto esp&tire plan

1@purchased 2007 toyota corolla 1/1/07..wanted to cancel both plans on 1/07/07- adv by finance officer if i did, they would have to redo the contract and give me a higher interest rate.he mentioned when i purchased it,the interest rate is is based on their program of attaining the plans to receive a lower interst rate..in which i agreed .. according to each plan i can cancel w/in 30 days ....called finance co. who has the loan -adv me that the interest rate they give to the dealer is irregardless of any program they have and the amount of both contact's TOTAL IS approx. $2500 WHICH WOULD BE DEDUCTED FROM THE LOAN..INT. IS NOW @14% .dealer is refusing to let me cancel plans..is these a scam or what ..or if i let them draw up another contract and give me a higher interest and then i say i don't want it,and want my car back and deposit,do you think they will agree to that???? as a consumer i think it is my right to cancel the plans.. and i am the one ended up paying for not the dealer.THANK YOU FOR YOUR SUPPORT--name removed--...


Asked on 2/16/07, 5:08 pm

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: cancellation of auto esp&tire plan

I would have to research this a little bit, but it's probably a consumer law violation and a violation of the insurance code. If you are unable to cancel the plan with the dealer in the next 3-5 days or before your next payment is due and want my assistance, contact me by email.

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Answered on 2/16/07, 5:53 pm


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