i purchase and signed a contract on 7/27/10 to 0% and $2800 for my trade-in. I get a call that they made a mistake on the value of the trade-in and wants to re sign it for $1000. I refused. It has now been 17 days and I received two letters today. The first letter state they are canceling the contract due to not able to finance. The other was another contract.
Can they do this?
I am very suspicious of this.
1) They sold my trade-in at auction.
2) "They" (Finance manager & finance associate) tried to convinced me to a longer term at 1.9%
3) If they couldn't get approval for a loan with $2800 down payment. How can they with a $1000, if I was to re-sign?
4) I have a 700 credit score, but a first time buyer.
I would like to know your thought on this.