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Can a car dealership demand a larger down payment after I've already signed the paperwork for the loan?
Can the dealer change the loan terms after I already signed the loan? I financed a car through a dealer and signed the papers. Now they're threatening me with repossession if I don't make a larger down payment on the vehicle.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
What you’re talking about is called a spot delivery and many dealers do it to sell cars.
If you don’t get approved for financing, the dealer may call you and request more money or to bring the car back.
If you look at your contract, you probably signed something that talks about this scenario. In most cases, the
dealer
is correct.Bring the car back or make a larger
down payment
. Otherwise, you can bring the car back with no issues, as you technically were never approved for financing.View full answer
- Gregory R.
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