Bought a used car from a dealer ship in bend Oregon 5/11/2016 signed all the contracts they took my vehicle in on trade gave me my payment amt and who to make payments through today they call and say that they couldn't get the loan and my payment will be higher because the loan was not for as long is that legal if I already signed contracts gave then my down payment
Yes...and no. Oregon law allows a dealer to make the deal and then have up to 14 days to find financing that complies with the exact terms of the deal. If they cannot, they either have to finance it themselves on those terms or unwind the deal. They are not allowed to do anything with your trade in until the deal is finalized, so if they can't get financing on the promised terms, they have to return your trade-in to you and take back your "new" vehicle. Yes, they will try hard to talk you into a new deal, on different terms, but you ARE NOT obligated to do anything except return their car, pick up your old car, and be 100% refunded any/all money you paid them. Even if you make a new deal, there is no guarantee of course that you won't go through this again and some less than scrupulous dealers use this sort of thing as a bait and switch tactic. They promise unrealistically low financing; get you to sign; then the deal falls through and they try to talk you into agreeing to higher cost terms or switch you into a different and usually less desirable vehicle. Whether you work out something new with them or not is entirely up to you; just DO NOT let them bully you into something. If anything, you should have better leverage to get concessions out of them now - they have put time and effort into the deal and will get zero if you walk away...so if they want to keep you and some sort of deal, they may be willing (if reluctantly) to cut the price or otherwise sweeten things in order to keep you. In the end, however, don't be afraid to just walk away. The odds are whatever vehicle you are interested in will still be there a few days from now, after you have had time to calmly think your way through things and after they have become scared that you really are walking away. Most of all, don't let them convince you that you are obligated to make a new deal or otherwise pay up - you simply are not and if they act like you are, you probably don't want to do business with them to begin with. If they seem to act shady, walk away and file a complaint with Oregon DMV. They regulate dealers and can fine them or suspend their license for bad behavior. Sometimes just threatening to file a complaint with DMV changes their tune real fast. Of course sometimes it also gets you escorted to the door as well. Best of luck.
Nothing contained herein should be considered as legal advice for any specific situation and nothing herein is intended to create a lawyer-client relationship. Every case is very "fact-specific" and persons wishing legal advice on a specific matter should contact me or another attorney for an appointment to review their particular circumstances and to create a lawyer-client relationship.
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