Dealer playing with finance terms

[Kev312]

Back in April I picked up a brand new off the lot Jeep. Everything was fine and dandy the contract I signed was good to go. A month after the contract was signed and the same day I picked up the title so I can take it to the dmv for registration, my co-applicant was contacted by a new bank that our loan was now through them. This happened a month after we had already signed a contract.

There’s been huge changes to the deal such as; amount financed by $5,000, apr doubled and loan term changed by 3 months. Now I understand that the dealer has a right to change the loan if they need to. But they have refused to explain why everything has changed so much. They also are refusing to provide me the copy of the new contract that I am entitled to. I also never signed the new conditions. There’s a segment in the contract that I have now that says that any changes have to be signed and agreed upon and I have to receive my copy. And none of that happened. I know I’m all over the place but I’m just ranting I guess. I’m not here for legal advice obviously, but what do y’all think? And have you ever been in this situation?

TLDR; dealer changed financing terms and bank a month after, gave me the title with the original bank on it as lienholder but changed my loan and they won’t explain why so many drastic changes happened.

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[SoCal]

Back in April I picked up a brand new off the lot Jeep. Everything was fine and dandy the contract I signed was good to go. A month after the contract was signed and the same day I picked up the title so I can take it to the dmv for registration, my co-applicant was contacted by a new bank that our loan was now through them. This happened a month after we had already signed a contract.

There’s been huge changes to the deal such as; amount financed by $5,000, apr doubled and loan term changed by 3 months. Now I understand that the dealer has a right to change the loan if they need to. But they have refused to explain why everything has changed so much. They also are refusing to provide me the copy of the new contract that I am entitled to. I also never signed the new conditions. There’s a segment in the contract that I have now that says that any changes have to be signed and agreed upon and I have to receive my copy. And none of that happened. I know I’m all over the place but I’m just ranting I guess. I’m not here for legal advice obviously, but what do y’all think? And have you ever been in this situation?

TLDR; dealer changed financing terms and bank a month after, gave me the title with the original bank on it as lienholder but changed my loan and they won’t explain why so many drastic changes happened.

Makes no sense and seems highly illegal ..... you should have a contract that you signed with everything in writing.

 

[mjaga]

None of that sounds right at all. I'd be making some phone calls and be in contact with an attorney very quickly if they don't immediately rectify. And no, they can't just change terms of the loan like that.

I'd also return the Jeep to the condition you bought it and park it if you can until this is all figured out. Think about court down the road.... "So you, the buyer, discovered some allegedly heinous errors in the conditions of the agreement, however you did not immediately attempt to rectify said agreement and worse, continued to operate the vehicle knowing these alleged discrepancies? Your honor, that, itself, constitutes agreement of these terms".

Sorry you're dealing with this brother. You're in a crappy spot for sure. Keep us posted on how this plays out.

 

[dgoodhue]

Banks can sell loans, it happens all the time with mortgages, but the loan should be the same terms that you signed for at the closing.

 

[Bloody Marty]

Something doesn't add up. They can't do any of that.

 

[Kev312]

Thanks guys, so far I’ve been trying to deal with them for the past few weeks and they keep giving me the run around. And I got tired of playing games, I’ve so far filed a complaint with the FTC and BBB and I’ll be looking for an attorney in the next few days. When they kept telling me that they couldn’t give me my “new contract that I agreed to” I knew something was way off. I’ll update yall whenever I hear back from either complaints or after everything has happened with an attorney

 

[Terminex]

what dealer?

 

[future ocean blue]

Yeah, what dealer? i'm in same town and want to make sure i don't deal with them. Ever.

 

[Chocolate Thunder]

You’ve been the victim of yo-yo financing.

https://www.nerdwallet.com/article/loans/auto-loans/avoid-yo-yo-financing-spot-deliveries

Google it for information on what it is and what you can do about it. Sorry for your trouble dealing with these scumbags (please name them so others can avoid them.). Good luck.

 

[dgoodhue]

Lawyers are expensive. Could you have been denied the loan? Which bank did you sign the paperwork with? Contact them to see if they have some insight into your loan. If it is Chrysler Capital, I would contact Jeep elevated to above the dealership. I would try to do my due diligence before hiring a lawyer, it would suck to find out you have been paying $250/hr that Lawyer find through research you don't have a case.

 

[Kev312]

Yeah, what dealer? i'm in same town and want to make sure i don't deal with them. Ever.

Mid River’s Napleton. They were great up until this part of the deal. So stay as far away as possible from them

 

[thx138]

Watch this video, might help you out some.

 

[Chocolate Thunder]

Watch this video, might help you out some.

Nice post. I thought about this but didn’t search for it. Steve Lehto is a god. If every person who posts issues like this were familiar with his work before purchasing a vehicle they’d never have this sort of problem.

 

[Traktor31]

Wow Sorry OP, I'd be pissed. That video posted above is great.

Unless it states in the contract the dealer can change the finance terms I can't imagine it being legal, and I can't imagine the contract actually stating that, or if a contract can even state that. You can't be oh its a month later, here are the new terms we never told you about or never had you sign. What you signed is your contract, the terms you mentioned cannot be changed all willy nilly on a whim. Obviously a lawyer would be the expert in this, but I would fight this tooth and nail.

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