messed up car loan they want me to pay 20 apr now

[pvcik]

Jurisdiction

Missouri

On 03/06/2024, I financed a 2019 Mustang GT. My credit needs work as I am young and simply have not established credit. Anyway, I was approved, signed all the paperwork, and made a nice downpayment. The rate I signed for was 17% for 48 months, and this was through Westlake. I had to have the car shipped as I got it from a small dealership that's across the country. The first payment was due on 04/08/2024, and I was going to make it. But when I went to make it online and put in my SSN and name, the app said no loan/account was found, so I got a little worried because at the same time I have not received anything from them in the mail. However, just today, I got an email from the bank requesting that I resign the contract, and when I looked at it, the rate changed from 17% to 20%, and I'm not willing to sign that. I'm just really confused as to why this would happen this way and what all I should do because at the end of the day, I will NOT sign on 20%. Do I have a free car? Will I lose the car and my downpayment? I'm not willing to call the dealer because they have been shady throughout the whole process.

Could you please help me understand my options in this situation? Thank you.

 

[adjusterjack]

Do I have a free car?

No. Absolutely not.

Will I lose the car and my downpayment?

Probably. The car will be repossessed and sold at auction for less than you owe on it and your down payment might or might not cover the deficiency.

I'm not willing to call the dealer because they have been shady throughout the whole process.

That's foolish. All dealers are shady. Calling the dealer may be the only way you can avoid losing the car and your down payment. The dealer may be able to get you another loan in order to avoid taking the car back.