Am I in a Yo-Yo financing, bait and switch situation? Please help ASAP!
Exactly 1 week later (11/24/19) I took my sister to the same dealership so she could buy a suv for herself. That’s when I found out that I was really not approve by the bank & I would have to pay a lot more a month if I wanted to keep the SUV.
I took a look at my sign contract with them and I did not see a “Seller’s Right to Cancel” form.
I’m suppose to go to the dealership tomorrow. I know they will try to get me to sign a new contract stating that I have to pay more a month or that I have to return the SUV I fell in love with. I feel like telling them to take the loss & respect my contract. What should I do?
2 attorney answers
"or that I have to return the SUV I fell in love with"....and therein is the flaw for a "yo-yo" scam. That you "fell in love with" a vehicle you cannot afford to buy gives you ZERO right and less leverage to demand someone finance you for such a purchase. That's why you READ the contract and papers when yo buy a car, which it seems you did not. That stated, DO NOT sign any new contracts, give them the car back and demand return of your trade in. Period. You may have to pay some mileage or use costs as those are set out in your sale agreement so be prepared for that. Also do NOT allow them to use your trade in as hostage claiming its already sold - they might use this as leverage to get you to sign a new deal. Under NO circumstances agree - If this is a yo-yo scam effort - this is one of the strategies to get you to sign a new deal on worse terms. If this becomes an issue - you will need to retain a lawyer to intervene at that point - if you don't feel the need to do so already which is certainly advisable. If the car is legitimately sold, somehow, then the sales contract usually provides for them to pay the value of the car to you instead. Bottom line is if you are suspect the dealer is running a yo-yo scam, you do NOT want to have further dealings with that company at all - so demanding that THEY honor the deal is a recipe for disaster.
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You should contact a lawyer. Don't sign anything additional without consulting with counsel. The attorney will need to review your original contract. You can find attorneys on Avvo who give free consultations.
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