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How To Review Your New Car Sales Contract

Edmunds.comEdmunds.com Member, Administrator, Moderator Posts: 10,315
edited September 2014 in General
imageHow To Review Your New Car Sales Contract

Here's how to X-ray your car's sales contract to find hidden charges and verify the cost.

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    karmasuckskarmasucks Member Posts: 1
    So what happens when you (along with the finance manager) sign a contract and then you get a call the next day saying that the bank won’t accept the previously agreed upon interest rates? They requested that I come back in and sign a new agreement which would increase the rate to 2.99% for 75 months. The original rate was 1.99% for 72 months. My credit is stellar and FYI I live in Florida (I know the laws differ from state to state).
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    steverstever Guest Posts: 52,454
    edited September 2014
    Ask for a copy of the letter denying financing at the agreed-upon terms.

    Don't Fall Prey to Spot Delivery Scams and Yo-Yo Financing

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    spen418spen418 Member Posts: 1
    I signed a contract and according to the dealership it expired after 30 days because the deal was not signed by bank in time. I told the saleman that I wanted to give the car back and and my $10K down payment returned. He said they did not want the car back and would find another back. 90 days later I get a call saying they have a bank deal for me. Do I need to sign a new contract to accept this deal or can the dealership legally use a contract signed 3 months ago to secure a bank for the deal? I really want out of this car since the salemans said they don't want the car back. I normally text the saleman so I can have a record of the conversation but two days ago I told him I want out of this mess and I think there is something wrong with what they are doing, he never responded. Need Advice Please.
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    kyfdxkyfdx Moderator Posts: 237,287
    spen418 said:

    I signed a contract and according to the dealership it expired after 30 days because the deal was not signed by bank in time. I told the saleman that I wanted to give the car back and and my $10K down payment returned. He said they did not want the car back and would find another back. 90 days later I get a call saying they have a bank deal for me. Do I need to sign a new contract to accept this deal or can the dealership legally use a contract signed 3 months ago to secure a bank for the deal? I really want out of this car since the salemans said they don't want the car back. I normally text the saleman so I can have a record of the conversation but two days ago I told him I want out of this mess and I think there is something wrong with what they are doing, he never responded. Need Advice Please.

    So, you took delivery, but they couldn't find financing? And now, it's been three months?

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    Blat270Blat270 Member Posts: 1
    is it legal for a dealership to have you sign a second purchase and sales agreement to drive a new car past the 10 days of original sales agreement because they still didn’t register the car?
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    kyfdxkyfdx Moderator Posts: 237,287
    Blat270 said:

    is it legal for a dealership to have you sign a second purchase and sales agreement to drive a new car past the 10 days of original sales agreement because they still didn’t register the car?

    Sorry, not a lawyer. You can always refuse and return it, I guess.

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