stoutz429 wrote:
My question is, can the deal be canceled even though we signed a Purchase Agreement prior to learning about the poor financing rate, and if so, would the deposit/down payment money be lost?
Like others, I think that the contract you signed is enforceable according to its terms. I guess we can assume there's nothing in there saying you'd only go through with it if the financing came through at 6%.
I think the dealer sorta has you by the shorts...any chance you can get your own, outside financing? That might be your best option.
Question, though:
Is the financing that DID come through associated with the dealer in any way? I'm not suspicious by nature, but I do think there can be some hanky-panky when financing vehicles. Sometimes the seller can get back whatever concessions were made in the dickering by sort of "arranging" a higher interest rate on dealer-managed loans.
