Location: Portland, Oregon.
Hello.
My girlfriend bought a car on Sunday. She went through the dealership’s bank who approved her at something like 9%. Fast forward to today, the dealership contacted her and expressed that they made a mistake with the interest rate on the bank. They told her that she needs to come in and sign new paperwork, and that they would raise the interest rate, but tack on several discounts to make her monthly payments around the same as they are now.
It doesn’t seem like a scam, but I suppose I’m wondering if signing new paperwork has any potential repercussions that we aren’t seeing. Any advice and guidance is welcome. Thank you.
Comments
>It doesn’t seem like a scam, but I suppose I’m wondering if signing new paperwork has any potential repercussions that we aren’t seeing. Any advice and guidance is welcome. Thank you.
It’s going to cost you more.
This is the Yo-Yo Scam.
https://www.ftc.gov/media/79933
>In Oregon, you can take a new or used car home before financing is approved.
>This practice is called “spot delivery.” It is designed to lock you in to a purchase. If you are tempted to do this, take a moment to read up on the Yo Yo Scam ». There is no 3-day right of rescission for a car purchase or lease, even if you do not yet have final approval of financing. However, if you cannot get financed at the exact same terms for which you signed an agreement, or if financing is not complete within 14 days, you must bring the car back to the dealer and the dealer must give you back your trade-in vehicle and down payment.
https://www.doj.state.or.us/consumer-protection/motor-vehicles/buying-a-vehicle/
The dealer can rescind the sale in this case, but they have to refund you in full.