Can a bank revoke the loan 3 weeks after I signed the contract? If dealership is listed as creditor are they reliable?

Asked about 1 year ago - Waukegan, IL

I signed contracts for the purchase of a car 3 weeks ago. On they contract the dealership is listed as a creditor. They are telling me today that the bank has revoked the loan and now they want me to come and sign a different contract with a higher A.P.R and monthly payment. I know I should have read before signing but now looking at the papers I see they also tact on a $2000.00 extended warranty that was never discussed.

Attorney answers (2)

  1. Elizabeth Marie Vonau

    Pro

    Contributor Level 14

    Answered . You should review the contract carefully and if in doubt hire an attorney to review the contract to protect your best interests. There are statutes of limitations on things like this so act fast.

    This comment is being left for informational purposes only and based solely on the information provided in the... more
  2. Tara Leigh Goodwin

    Contributor Level 16

    Answered . Bring the documents to a consumer law/fraud attorney to review. Most will provide a free consultation. This sounds like it could be a classic "yo-yo" deal whether the dealer is trying to pull you back in to get better terms for itself. Did you get an adverse action lender from the bank they claim denied the loan, and does your credit report show they made an inquiry? They cannot force you to sign the new documents. if you are unhappy with the new terms, and they can't find financing under the original terms, they must cancel the contract and return your downpayment and any trade-in (and you must return the car).

    The above response is not intended to create, nor does it create either an attorney-client relationship or an... more

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