Need Help ~ Car Dealership (ugh)

Right...but if I don't like what they put me in, am I still bound to contracts?

I was a Finance Director in the Automobile Industry for 12 years.

Here's what's going on.

Cars are sold "subject to credit approval".

This means that the dealer *thought*, using their best judgment, that they could find a lender for the contract under the terms under which it was written. Dealers don't let people drive cars home unless they think a lender will finance the contract. Too much risk and wasted effort.

They don't want to take the car back. They don't get paid if they can't get the loan approved.

It sounds like the dealer couldn't find a lender to generate the loan for the interest rate and terms you negotiated, but did find a lender at a higher interest rate.

It isn't 'bait and switch' or other crap. It's a business deal that didn't work out. They wanted to sell you a car, they thought they could find a lender to match the terms you negotiated.

Now they're trying to figure out a way to structure a new contract that meets your needs and the bank's. They're just the middleman, trying to sell a product. You're a consumer trying to buy a product, the lender is a financial institution trying to generate a loan. All 3 parties have to agree to the transaction.

If you don't want to change to a different car or change the terms of the contract, you can return the car they sold you and get all your down payment back. No lawyer will be necessary.

You can't force them to let you keep the car, because it's "subject to credit approval".

So I can get my down back then correct? I don't really feel like going through a bunch of crap again.

Yes you'll get all your money back.

They may still try to sell you a different car. They may put pressure on you too. But, if you don't want to buy a different car or change the terms of the contract you have, there's nothing they can do.