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  1. #1

    Default Spot Delivery Yo-Yo Scam

    Hi I'm in California I recently bought a vehicle this Saturday and then got a text message from the salesperson today stating that I need to authorize the payout for my trade in with the financing company that I had for the trade in. The text message also said that the finance director needed me to come in to resign some papers. I have challenged credit so the rate the contract says is 15.59% and the finance director called me and I asked why did they need me to come in and She told me that my interest rate changed to 23.99%. These people sell cars for a living how did they offer me 15.59 and it jump 8 + points?

    Is there legal action I can take in California? There is an arbitration provision in the back of the contract a bunch of fine print and there is a seller's right to cancel as well. There is another contract that's called contract cancellation option it says there will be a $500 restocking fee if the contract is cancelled am I responsible for this? I feel like I'm being played for a fool how can this be legal? I feel humiliated. the finance director did mention the interest rate may change lower or higher just by little bit but 8 points I don't think it's a little bit when you're talking about a car loan. I would appreciate any help I feel really helpless and don't know what to do thank you

  2. #2
    Join Date
    Sep 2005
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    98,817

    Default Re: Spot Delivery Yo-Yo Scam

    Did you actually sign a loan application for the 15.59% loan when you purchased the car, or did you merely discuss loans with an agreement to finalize the financing at a later date?

    Apart from cancellation, if you're looking at a car purchase contract, what does it say about the return of the car if the buyer's loan application is rejected?

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