Location: COLORADO- I bought a car on Saturday and traded in my old one. The dealer made a mistake and wrote in the documents that i put a $3,800 down payment instead of adding that as amount i still owed for my trade in. We filled everything out and everything was all set but he called me and told me about the mistake and said that the loan people are canceling the loan unless i come up with that money for down payment. Do i have a leg to stand on? Is there anything that can be done?
Comments
For an obvious mistake, no you don’t have much of a leg to stand on. If it were to be litigated in court, you’d lose.
Errors tend not to result in free money, even in contracts. Most of these contracts are subject to final lender approval; if the error affects the loan and it’s not finalized, it can be rejected due to the inaccurate info and they can likely unwind this and fix the error. Check your paperwork.
Both you and the seller are entitled to see the contract to purchase balance. If it doesn’t (it reflects money that isn’t actually there) that can be fixed.
Your power here, if any, is in their desire not to get this car back. You may be able to strike a deal that is advantageous. But probably not the nearly $8i of advantageous you seem now to be.