Q: I purchased a new Jeep and have not received financial information. The dealership is not responding. What action can I take?
I purchased a new Jeep 2 months ago. I have not received any information regarding my loan payments. The dealership made an error on the original contract and I was told I needed to sign a new contract and include my first payment. I have the signed contract of sale.
I would make payments according to the original agreement you have for now so as to not injure your credit. Straighten it out with your lender not the dealer. If it is favorable to you insist on keeping it.
The more important issue to my mind is is this actually an auto fraud YO YO Sale set up? Typically, the dishonest dealer will lure a buyer back into the dealership citing a mistake like this and then present you with a completely different deal, one much more favorable to the dealer than the first. If you do go in, do not bring the Jeep and do bring a friend with you, one who has backbone.
The dealer, that is, is “yo yo-ing” you back to the dealership to pressure you to rescind the contract and adopt a new one undoubtedly with a much higher rate of interest. The “basis” would be that the contract has to be revised anyway to remove the supposedly erroneous calculation. This is of course illegal since you already have a binding contract but most buyers don’t know it, assume the dealer is right and go along with everything.
You do not need to stand for any of this because you already have have signed papers and own the car, subject to making payments only, regardless of whether the vehicle has been financed or the dealer misstated the purchase price. A finance document showing payments, rebates, deposit, interest rate and other financial items is a binding contract, giving you specific legal rights under PA law. The dealer cannot change any of this legally once you have taken possession. The dealership is required to have a title issued to you.
See my article herein entitled “Y is for YO YO Sales” for additional information.