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Posted in Auto Loans
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Question By
dns7414

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bought a new truck, had it a week, now the dealer want more money down or truck back

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Look at the paperwork you signed for the details.

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READ YOUR CONTRACT

When you bought your truck, you and your creditor agreed on the terms of your loan and you signed a contract.  They cannot legally change the terms of the contract UNLESS you failed to disclose a significant financial situation or outright LIED about something.  If you got caught in a lie or withheld information in the process of getting financing, most contracts have clauses about what the lender can do.  One option might be that they put  the loan into default and repossess the truck.  But if it was NEW off the lot, the dealer cannot sell it as new and will lose money when sold again.  So they may offer to renegotiate the terms of your contract to avoid the loss.  That might be demanding a bigger down payment.  If you are caught in this situaion, your best response would be to renegotiate rather than have a repossession or loan default on your credit report for SEVEN YEARS.

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