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Can the dealer increase the interest rate after I drive the vehicle home?

  • Listed: August 12, 2022 2:10 pm
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Can the dealer increase the interest rate after I drive the vehicle home?

Some dealers will allow the customer to take possession of the new vehicle before the loan is approved by the lender. This practice is sometimes called “spot delivery.” In some cases after you drive away with the vehicle but before the sale is finalized, the dealership will later tell you that they couldn’t make the loan at the agreed-upon terms. They then may ask you to bring back the vehicle and renegotiate the loan for a higher interest rate, a longer term, a larger down payment, or a combination of those terms.

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Listing ID: 66162f65f29649b8

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