On 1/23/06, my hubby and I went looking for a used car. We went to a Mazda dealership in WA and talked to the sales guy. We informed him right off the bat that we had poor credit and were looking for a used car. He says we work with hundreds of lender, we can help you. We decided to fill out the application and see what would happen. The dealer pulled our credit, we went over our blemishes and they said " Hey, we have a lender that will finance you, but we need you guys to bring us a copy of...". On 1/24, we come back and provided 1000 down payment and a laundry list of referrals, income verification, letter from employer, letter from landlord...etc. They called up the lender, everything was ok, we signed the papers. They tell us, call your insurance company and add the car, its a done deal. The APR is ghastly, but the payments are low and we can afford to make them. On 2/1/06, we get a call saying, the deal fell through, the lender changed his mind and we need to take the car back. Today 2/2/06 we are meeting with them to return the car. My questions are:
1- can they do this after the papers are signed?
2- is there a way I can fight this?
We don't mind the crappy APR, because we need this vehicle. But it just seems wrong for them to have us sign these documents if they can back out of them at any time. Please help.