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Can a dealership ask my daughter to resign on her car loan for a higher rate?
Can the dealership change the interest rate on a car loan after we signed? My daughter bought a car on Saturday and the dealer said her rate would be less than 3%. On Monday, the dealer called and said that they needed her to come back in and resign on the car for 3.75%. This doesn’t sound right to me.
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“She should look at the papers she signed. One of them will have details laid out about spot delivery. That’s when you take possession of the car without working out financing first. It should clearly state this as a possibility and that she was informed that it could happen. As far as the difference in interest rates, .75% is not going to make a noticeable difference in her payments or her terms.
If this does make you or your daughter uncomfortable, you can try returning the car, but know that the dealer may not return all of your
down payment
.Another option is to take this deal and try refinancing later on. Just be sure that the
length of the loan
isn’t too long, or else you will end up spending more in the long run.” View full answer
- Gregory R.
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