Interest Rate changed on car loan after 2 months?

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Can Ford Motors come back two months after I signed my paperwork and say that they cannot approve me for the agreed upon rate? They said their decision was solely based on our credit report. Our credit report has not changed at all from the day we signed. The letter is not dated we received in the mail today and says we must contact the dealer for the best offer .

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tell them to take the car back. enjoy your new car from other dealer.

I experienced this, bought Honda Odyssey on last day of the special loan rate. After a week, dealer kept calling to visit dealership to sign some papers without giving me the details. I told NO way. Then they revealed that Honda Finance denied the loan and I need to go with BoA with higher rate. The lazy dealer finance guy didn't turn in the papers to Honda Finance on time and they denied the special loan rate. I told clearly, take the vehicle back if you can't honor the agreed loan terms.
They negotiated to reduce the car price for the difference of additional interest to be paid with new rate and full tank of gas for making me re-do the paper work.

Let them take the car if they can't honor your agreed rate and don't pay a penny.

TXRCDNBOY said:   I experienced this, bought Honda Odyssey on last day of the special loan rate. After a week, dealer kept calling to visit dealership to sign some papers without giving me the details. I told NO way. Then they revealed that Honda Finance denied the loan and I need to go with BoA with higher rate. The lazy dealer finance guy didn't turn in the papers to Honda Finance on time and they denied the special loan rate. I told clearly, take the vehicle back if you can't honor the agreed loan terms.
They negotiated to reduce the car price for the difference of additional interest to be paid with new rate and full tank of gas for making me re-do the paper work.

Let them take the car if they can't honor your agreed rate and don't pay a penny.

  Even better if you get the lower car price then go refinance with DCU or PenFed.

Time to go rate shopping.

I paid it off way before loan term as there was no pre-payment penalty.

You won the FW Deal of a lifetime, a free rent a car for 2 months. Return it!

And sorry that your credit rating must've gone way down for some reason.  Did you do an app-o-rama?

Yep, tell the dealer "this isn't the deal I agreed to, I will return the car if you cannot honor the deal we made."  They'll likely work it out because you having driven the "new" car for 2 months means that's no longer a "new" car and they'd have to eat a lot of depreciation to sell it again.

Has anyone ever had a dealer "take a car back" in this situation?

It seems like I mostly hear about buyer's playing hardball and getting the dealer to re-do the other numbers so the payment remains the same or buyers that don't understand their rights and getting screwed by the dealer claiming that they have to pay more.

natemarinc said:   Can Ford Motors come back two months after I signed my paperwork and say that they cannot approve me for the agreed upon rate? They said their decision was solely based on our credit report. Our credit report has not changed at all from the day we signed. The letter is not dated we received in the mail today and says we must contact the dealer for the best offer .
  Have you made any payments on it?  Seems like you would have paid something by now...

Road Trip!

What does your purchase agreement say about financing?



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