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Can a dealership raise my interest rate after I’ve bought the car?
I bought a truck six days ago, and the dealership just called me to say they made a mistake. Now, they want me to pay an additional 10% in interest. Is it legal for a dealership to try to raise my interest rate after I officially bought the car?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Finances can be confusing, especially when it comes to
car loans
. Whether your dealership can make you pay higher interest depends on your situation. If you met the following three conditions before leaving the dealership, they shouldn’t be able to raise your interest:
- Did you review all the disclosures before signing? Sometimes, your agreement can contain small notes or disclosures that claim your loan rate and terms are subject to change. But if your contract doesn’t contain any, they likely can’t raise yourinterest rate.
- Make sure the forms are completely filled out. If you’ve agreed on terms and started signing paperwork, then you’re on the right track. But your lender may be able to change the conditions if you’ve left certain sections unsigned.
- Finalize the loan rate. Some car dealers will let you drive off with the car before your sale is completely finalized. If you took the car before finalizing the payment, they can still change the terms and take the car if their new requirements aren’t met.
If your paperwork is finalized and free of disclosures, then your lender can’t make you pay a higher rate. But these situations depend largely on the circumstances. Connect with your dealer to ensure you understand the situation. If you feel the dealer shouldn’t have been able to raise your rate, the best step you can take is to
contact a good lawyer
and have them review your case.If you end up paying more on your loan than you’d like—try not to worry. With
Jerry
, you can refinance to a more affordable loan with better terms. A licensed broker, the Jerry app helps users avoid the hassle of searching for lenders themselves. Jerry makes it easy by finding the best lenders at the best rates.MORE: How to refinance a car
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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