I signed a contract feb 2, 2013 for an interest rate of 20% and payment amt of 157.06. The dealer wasn't able to secure the loan, they lied and told me they did get approval but later when I got my first statement the terms were different. 24.0% interest rate and $168.86 payment amount. I contacted the lender and he said I could sue the dealer and lender for actually accepting the contract when the 2 signatures were vastly different.
From the day of signing the dealer told me he would send me a copy the paperwork via mail and he did not. I didn't find out there was a new contract until the middle of march when the lender called me and told me I owed them. And only then did the lender tell me the payment amount was more. After that I tried to reach the dealer to ask for an explanation and get a copy of the contract and the other paperwork I'd signed. The finance manager then began to refuse saying they didnt have the paperwork. So for the next 2- 3 weeks I played ping pong bouncing back and forth between the lender and the dealer trying to get a copy of the contract. Eventually I contacted the Tx DMV they went out and assessed the paperwork and found a second contract where they forged my signature and changed the terms of the contract. They also backdated the date to 2/6/13. I now have a copy of both contracts and the second one shows my name printed.... when I have a specific signature that is definitely NOT that one.
No one can evaluate your damages or the chances of a successful lawsuit based upon 5 lines of explanation and you wouldn't want to rely on that analysis if they did. You need to consult with an attorney who is experienced in business litigation. He/she will need a lot more facts including an analysis of the documents involved in order to form any kind of opinion. This transaction occurred in February. One of the questions is going to be "Why did you wait so long to do anything?"
DISCLAIMER: This is not specific legal advice and does not establish an attorney/client relationship.
The monthly payment is not much higher than what you were promised, but what about the length of the loan? The Truth in Lending disclosure forms will show how much in total Finance Charges you agreed to pay versus how much you are now being required to pay. This may be a starting point in your decision whether to make an issue of the dealer's conduct or not.
If so, I suggest you contact an attorney with expertise in consumer credit and automobile fraud cases. It's a good bet that whatever the dealer did to you, it did to other customers as well. A lawyer who practices in the field of consumer protection will know what to ask to determine whether the case is worth pursuing. You can get the names of local lawyers from the website of the National Association of Consumer Advocates, www.naca.net.
Disclaimer: This site exists to provide information only. It is not legal advice. Answering your question does not create an attorney-client relationship. I am a Massachusetts lawyer. Any information provided on this site does not, except as explicitly stated, imply familiarity with laws or procedures peculiar to your state which may differ from those where I practice.