Car buying question

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  kyfdx Moderator Posts: 237,343

  May 2018

  shankpa said:

  The dealership I just purchased my car from told me they screwed up and I financed my Subaru Impreza for 256$ per month for 60 months when it should have been 267$ for 60 months. They basically miscalculated the interested. They now want me to come back and resign papers. What should I do?

  Tell them you won't pay more... If they want you to re-sign, tell them you want the same term and payment. They can eat the $600 difference.
  
  If it was a lease, and they used the wrong residual, etc, that would be different. But, it's a finance deal. Who knows if you even got the base rate in the first place?

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  texases Member Posts: 10,711

  June 2018

  This is a common scam. You and they signed the deal. Their loss. They do this dozens of times a week, they know how.

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  dealerfriend Member Posts: 9

  July 2018

  Read your contract. Some states have a contract that states the "contract can be changed" and it will explain what the changes may be and how will work..It is about $20 for every thousand dollars financed. So with that tiny jump in payment it would make sense that the interest rate was wrong...So you should go back in and resign. Ask to see what supporting documents they have from the bank that state the change in interest or the correct interest. If a lender switches that on the dealer, they always send proper paperwork. If you're still not trusting the dealer, ask to return the car and shred the paperwork. They aren't legally bound to do that though. Once you sign that bank contract you've taken the responsibility of paying the loan amount. May have to get a loan through your own bank if you don't want to work with the dealer anymore on it.

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