Overhaulin'

Just bought a new car (Yesterday) and got a bad interest rate?

I bought a car, and the dealership suckered me in to a 7.98% loan. I relize now they lied to me about a few things. My bank will give me loan at 5.9% for new car loan (it is higher for refinancing). Since I am sure the paperwork is not filed yet how can I make the dealer switch the paperwork to my bank, or can I.

Public Comments

1. If you drove the car off the lot, you are probably stuck with that loan actually being closed. But check to see if the loan has a prepayment penalty. If not, you can use the proceeds of the new loan to pay off the old.
2. TELL THEM YOU DONT WANT THE CAR YOU HAD A CHANGE OF HEART THEY WILL DO ANYTHING TO KEEP THE SELL
3. A friend of mine had a similar incident happen to her, and called the dealership when she realized it and was able to get it worked out.
4. if the car was new, you should have 72 hours to change your mind, its called the right of rescission, if its used and the loan isn't approved i believe you can take it back, lots of dealers will let you take the car before the loan is approved when they think they won't have a problem getting it done
5. Chances are yesterday your bank would have wanted a higher rate as well. What did they lie about ? I seriously doubt if they lied about anything. People like you give the auto industry a bad name
6. They "suckered you"? You signed the paperwork my friend, you should have read what you were signing. You can't make the dealer do anything. You could call and ask, but don't get your hopes up. There is no right of recission on a car purchase, the 72-hour law the other person cited applies only to in-home sales. Car contracts are final. No refunds, no returns.
7. If you didn't like the interest, why did you sign????? Honestly, I get so sick of seeing "I got screwed", "they lied to me" 9 times out of 10 the only liars in a car deal are the buyers. Here is what you do. If you just bought the car yesterday, the dealer probably hasn't sent the loan docs to the lender yet. Call the dealer and tell them what you're planning, they will most likely give you a day or two to bring in a check from your bank to pay off the car. If they won't, just go ahead and get the loan from your bank, and pay off the original lender. And there is NO 3 DAY RIGHT OF RECISSION