Question About Car Payments

Crashfan3 · 11-26-2010, 06:29 PM

My mom's previous car, a 2001 Hyundai Sonata, was having problems for months, so last Tuesday she traded it in for a 2003 Range Rover. At the dealership, she signed an agreement saying her payments would be $254/mo. for 84 months.

Today she gets a call from the dealership saying that suddenly she needs to refinance to a 60 month loan at $314/mo. She cannot afford that. She would have had the option of trading back, but they've already sold her Hyundai.

Just earlier, she talked to her own bank, and they offered a 72 month loan at $277/mo, but that's still a little more than she can afford (she could barely afford the $254/mo).

My question is: can the dealership force her to refinance the loan even though they both signed a contract agreeing to $254/mo for 84 months?

11-26-2010, 06:29 PM	#1
Crashfan3 FFR Player Join Date: Nov 2006 Location: Jefferson, Ore. Age: 34 Posts: 2,937	Question About Car Payments My mom's previous car, a 2001 Hyundai Sonata, was having problems for months, so last Tuesday she traded it in for a 2003 Range Rover. At the dealership, she signed an agreement saying her payments would be $254/mo. for 84 months. Today she gets a call from the dealership saying that suddenly she needs to refinance to a 60 month loan at $314/mo. She cannot afford that. She would have had the option of trading back, but they've already sold her Hyundai. Just earlier, she talked to her own bank, and they offered a 72 month loan at $277/mo, but that's still a little more than she can afford (she could barely afford the $254/mo). My question is: can the dealership force her to refinance the loan even though they both signed a contract agreeing to $254/mo for 84 months? __________________ Twilight Sparkle's Ponyville Group Free Chiptune Streaming Radio! Thanks justin_ator and megamon88 for making my sig 20% cooler.

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