Thursday, June 29, 2017

Bought a new car two weeks ago, now dealer says APR wasn't approved?


So here's the deal. Three weeks ago, I bought a car from a Honda dealership. We financed the car through Honda Financial Services. We negotiated the monthly payments, and were given an APR. It was in the evening, so I am aware that the financial office was probably closed and they gave us the APR that they believed we would get. We signed the contract under the impression that it was a done deal. We were not told that the APR is awaiting approval or anything. Seems fine. Then, two days ago, I receive an email from the financial manager stating that there is an issue with the payments and I need to contact him immediately (he also said they have been trying to contact me for some time though this is the first time I have heard from them). I replied with my phone number and told him to call me the following morning. He called and told me to come back in because we were not approved for the APR and had to sign another contract with the APR more than doubling (3.19 vs 6.9). I read through the financial contract and there is NO contingency clause or APR approval statement. There is nothing in the contract whatsoever stating that the seller can change the monthly payment or APR. Of my documents that I was provided with, nothing states that they are legally able to do this. I did not sign a "spot delivery form" or anything stating that the deal was not final/the APR had to be approved. My question is, what can I do? Can I tell him that due to the contract, they can't change the APR after-the-fact even though they were denied from the lender for the APR? What are my options? I will not be signing the new contract. The car will be returned before that happens. via /r/cars http://ift.tt/2st31Lz

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