I bought a car. Signed all the papers. I have a monthly payment. I leave. It's almost a month later. I call back asking who my loan is throu...

Question

I bought a car. Signed all the papers. I have a monthly payment. I leave. It's almost a month later. I call back asking who my loan is through. They say I haven't been approved yet. A month later??? Now they say my payment might go up $20 a month if I get approved by someone else. I have a legal document stating I should pay $295 a month for 72 months. Can they change the terms a month later?

Answer

This is a classic bait and switch move that is currently being debated in Congress as part of the regulation of the financial industry. Consult a lawyer about your options.

Best of luck.****The above is for informational purposes and does not create an attorney-client privilege.*****