Just last week I bought a brand new car. I have really bad credit and they wanted to sell me the car with 18% interest and I immediately said no. I left the office to talk on the phone and then the finance manager came back and said " Let me do something, I'll bring down your interest rate to 6.9%". Me, the dumb person I am ate that up and signed the paperwork without reading it.
The next day the guy who sold me the car calls me and tells me that the finance fell through and that I had to come back and sign the 18% interest rate or else I had to give it back. I told him I was leaving work early so I can settle the situation and then he says" You're good, we got you approved".
Is it possible that the dealership can raise my interest rate even if I didn't sign the 18% and without telling me?
I'm aware that scam is called " yo yo financing".
original posted by Thelasthiker to r/personalfinance on Tue, 05 Mar 2024 01:10:16 GMT.