My daughter recently bought a certified pre-owned 2008 Honda Accord on 8/31/13. She traded in her 1999 Chrysler which had about 150,000 miles on it and they were going to give her about $500.00. She did not have any cash to put down. When we initially went to look at cars a few days prior, this dealer told her that she was going to get an interest rate of 3.99% and her payments would be about $219. So she signed the sales agreement thinking this. So the next day he called her and said the loan was approved. When we went to pick up the car on 8/31/13, the salesman said the loan rate was higher and her payments would be $279. Well, of course, she was upset because she could not afford that payment and told him so. So the Finance Manager came over to talk with us and he said he would see what he could do. Her credit score was 674. He then said he was able to get her the loan through Wells Fargo at 3.99% and the payments would be $249. So that was okay and she signed all the paperwork. I think they ended up giving her $700 for the trade. She took the car home. Okay so now she has been driving the car for 2 weeks. Last week she received a denial from Chase Bank, which we figured was because they put it through several banks. Then on Monday she got a denial letter from Wells Fargo. Then she got upset. She called the Finance Manager at the dealer on Tuesday and he checked and said everything was okay and she had the loan and to disregard the letter from Wells Fargo as it was a form letter. Then a few hours later she received a call from Joe, the Manager. He told her that they had to put the loan through Bank of America and she needs to come in to sign the paperwork. She asked him if it was the same interest rate and terms and he said it is. By the way she did sign a loan agreement with the rate of 3.99% and payments of $249. I think it does say Wells Fargo. She is going there tomorrow, Thursday, 9/19/13, but is upset because she is afraid that when she gets there the interest and payments will be higher than she can afford. If that is the case, she is ready to just give them back the car and cancel the whole thing, but I don't know if this can be done. I think that they should find a way to work something out here. This is turning into a big mess. This is the first time she bought a car from a dealer. She bought her Chrysler, which was her first car, from her mother-in-law. She is separated from her husband at the present time, and lives with me. Does anyone know if you can return a car and cancel the sale? It does not say that you can do that in the contract for the sale. Can anyone help me here with some advice? We really can't afford to pay an attorney for legal advice? I live in PA.
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