Dealership not honoring sales contract

[Pmckway]

Jurisdiction

New York

I financed a brand new tent camper, put a down payment on it and signed the sales contract - dealership also signed the sales contract, this was 4 days ago. I got a letter from the bank they financed it through 3 days after signing stating they are giving me a counter offer of half the term, which will double my monthly payment. I called the dealership and they tried to tell me I signed a pre-approval paper and not a sales contract... I have my copy of the sales contract, I don't see anywhere on there saying it's only valid pending approval. She said the bank told her they want a co-signer and more money down (was not anything about that on the letter I recieved), she ran my credit through multiple other banks, never once called me! Do they have the right to do that? What are my rights in this situation?

 

[mightymoose]

This sounds normal.
It is not uncommon for financing to fall through after an agreement has been made and there is usually something in one of the many documents that addresses this potential issue. A dealer usually has 2-3 weeks to get the financing in order.

If they won't finance at the agreed terms you still have the right to walk away with your down payment.

Otherwise you are free to secure other financing options or pay for the vehicle in full and eliminate the financing altogether.

 

[adjusterjack]

I have my copy of the sales contract, I don't see anywhere on there saying it's only valid pending approval.

Look at it again.

If it doesn't say "contingent on financing" then you have bought it and now need to figure out how to pay for it.

If it does say "contingent on financing" and you can't qualify for financing then you should be able to return the item and get your deposit back.

Pay no attention to what the dealer is "telling" you. The dealer will "tell" you all sorts of lies to avoid losing the sale.