Renegotiate Auto Loan Contract

[Tim Ferguson]

Jurisdiction

Texas

My son purchased a new car a couple of weeks ago, trading in his old one. A week later, the dealer said the finance company wouldn't approve it, he needs to come in & sign an agreement for a contract at a higher interest rate. My son put them off until after the holiday. After the holiday in the early morning hours, someone ran into the parked car, wrecking it (& 3 other cars) pretty bad. The suspect ran off, but left the car - police told my son the suspect has insurance. In the meantime, the dealer is aggressively trying to get my son to sign a new contract. What are his rights here?

 

[txls]

You need to read all of the documents that he signed. See if he signed something that stated that he was taking delivery contingent upon obtaining financing. You can also try to help him obtain his own financing through his bank or local credit union. The fact that the vehicle has now been wrecked is a separate issue.