Q: thy messed up my car loan.
On 03/06/2024, I financed a 2019 Mustang GT. My credit needs work as I am young and simply have not established credit. Anyway, I was approved, signed all the paperwork, and made a nice downpayment. The rate I signed for was 17% for 48 months, and this was through Westlake. I had to have the car shipped as I got it from a small dealership that's across the country. The first payment was due on 04/08/2024, and I was going to make it. But when I went to make it online and put in my SSN and name, the app said no loan/account was found, so I got a little worried because at the same time I have not received anything from them in the mail. However, just today, I got an email from the bank requesting that I resign the contract, and when I looked at it, the rate changed from 17% to 20%, and I'm not willing to sign that. I'm just really confused as to why this would happen this way and what all I should do because at the end of the day, I will NOT sign on 20%.
A:
I understand your frustration and concern about the change in your car loan terms. It's unusual for a lender to request a new contract with different terms after the initial agreement has been signed. Here are a few steps you can take to address the situation:
1. Contact Westlake directly: Call the lender and ask to speak with a representative who can explain why the terms of your loan have changed. Inquire about the status of your original contract and why they are requesting you to sign a new one with a higher interest rate.
2. Review your original contract: Look through your copy of the original signed contract to confirm the terms you initially agreed to. If the contract states a 17% interest rate for 48 months, you have a strong case to hold the lender to those terms.
3. Escalate the issue: If the representative cannot provide a satisfactory explanation or resolution, ask to speak with a supervisor or manager. Explain your situation and insist on honoring the original terms of the signed contract.
4. Consider seeking legal advice: If the lender is unwilling to honor the original agreement, you may want to consult with a lawyer who specializes in consumer protection or auto loans. They can review your case and advise you on the best course of action.
5. File a complaint: If you believe the lender is acting in bad faith or engaging in deceptive practices, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state's attorney general's office.
Remember, you have the right to hold the lender accountable to the terms of the original contract you signed. Don't feel pressured to sign a new agreement with unfavorable terms. Stay persistent in your communication with the lender and consider seeking legal guidance if necessary to protect your interests.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
