Tips on Buying Cars: car loan re-negotiations, credit score, new contract

Question
I purchased a car through the cash for clunkers program week and 2 days ago. My quesion is, I got a 8.3 interest rate on a 697 credit score and I was told I through the program I could not negotiate the price it would strictly be from the MSRP. However, when asking around the average interest rate is a little over 6% and that the price can be negotiated. Would I be able to re-negotiate the interest rate even though I have signed all the papers?

Answer
Hi Sara

Once you have signed the contract it's binding unless you can prove misrepresentation or the contract has to be changed.

It happens quite often the interest rate or something has to be changed and for you to sign a new contract, in such case if you refuse to sign you are not obligated to commit to the terms of the contract.

Ray  
http://www.usedcartips.org/