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