My question involves a consumer law issue in the State of: Kansas
I recently purchased a used care from a dealership. They helped to get me financed through a well known bank at a great interest rate. When the offer was made I went to retrieve the vehicle. I signed a contract with my name, the name of the finance company, and the dealership all included. I put 1500 dollars down, purchased insurance, and have had the car in my possession since 3/16/15. On 3/30/15 I received a call after business hours stating that the finance company is retracting their offer due to an issue with my income and they are now trying to get me to finance with a different company who will charge a much higher interest rate and requires a co signer. If not then they want to come and retrieve the vehicle. Is it legal for a finance company to renig on a contract after it has been signed and money has passed hands, as well as having so much time lapse before deciding to do so? I have two jobs, one that requires me to have a vehicle, and provides the majority of my income. If this is not legal what steps do I take to ensure I can keep the vehicle without my contract being renegotiated?
I recently purchased a used care from a dealership. They helped to get me financed through a well known bank at a great interest rate. When the offer was made I went to retrieve the vehicle. I signed a contract with my name, the name of the finance company, and the dealership all included. I put 1500 dollars down, purchased insurance, and have had the car in my possession since 3/16/15. On 3/30/15 I received a call after business hours stating that the finance company is retracting their offer due to an issue with my income and they are now trying to get me to finance with a different company who will charge a much higher interest rate and requires a co signer. If not then they want to come and retrieve the vehicle. Is it legal for a finance company to renig on a contract after it has been signed and money has passed hands, as well as having so much time lapse before deciding to do so? I have two jobs, one that requires me to have a vehicle, and provides the majority of my income. If this is not legal what steps do I take to ensure I can keep the vehicle without my contract being renegotiated?
Consumer Law Issues: Finance Company Retracting After Contract is Signed and Money Paid
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