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Can a dealer retroactively change your monthly payments?
Is it legal for the dealership said to ask me to come back in and resign on my new car and change my monthly payments. I put a large down payment on the car to keep my payments under $100 per month, but the dealer said this was too large an amount. What are my options?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“This is actually legal and it is laid out in the paperwork that you signed when buying your
new car
. However, it is very unprofessional and the dealership should not have tried to make a deal that they should have known they couldn’t make.
That being said, if you want to keep the car you should go back in, resign with a smaller
down payment
, and make a large first payment to lower the amount financed. While this will not lower your monthly payments it will save you money in interest charges in the long run.”
View full answer
- Gregory R.
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