Automobile Contract Advice Needed

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danboy

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We purchased a used auto on Monday, Oct. 20th. The financing was done through GMAC and we were approved with an interest rate of 3.9 percent. We signed all the paperwork and were given the keys to the auto. Yesterday (Oct. 27th) the dealer's finance person called saying that he made a mistake and the model of auto we bought had an interest rate of 5.9 percent, increasing the loan amount by $1000.00 I told him that we did not feel that we should have to pay for his mistake. He said he would talk to the owner of the dealership. He called back and asked us if we would be willing to split the difference, a $500.00 increase in the loan amount. I again told him that we felt that we should not have to pay for their mistake. So now he is trying to find a local bank that will give us the loan at 3.9% I am wondering what my legal rights are concerning the contract I signed with the dealer, and do I have to pay the extra money? Thank You for your time.

Danboy

P.S. We purchased the auto in Illinois but we live in Missouri
 
Thanks for the reply. We bought the car after being told by the finance man that works for the dealership that the interest rate was going to be 3.9% Also we were told that in order to recieve the 3.9% we had to get the car certified which cost us an additional $1000.00 which did give us two more years of extended warranty. The contract was signed by us and the finance man at 3.9%. The 5.9% was never brought up until the following Monday, 7 days later.

Danboy
 
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It this is the case, then in my opinion, there is a unilateral mistake of fact. If the mistake was obvious, then there is no enforceable contract. But I don't believe that is the case here. You've got an agreement that has everything in writing. I don't see how they can complain or how they made such a mistake.
 
thelawprofessor,

I don't know how the Thank You button works so I just wanted to Thank You again for your answer.

Danboy
 
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