Tips on Buying Cars: auto loan, delivery agreement, conditional sale

Question
I bought a car 2 weeks ago at a California dealership.  Now
they are requiring me to renegotiate the contract because
they cannot resell the loan.  This was the weekend after
the federal bail out.  They want more money down.  What are
my rights, and should I expect any concessions because they
have taken this stand?
Sincerely,
Debbie

Answer
Debbie,

Your rights are limited here, only if you signed a conditional Sale and Delivery agreement, which would be part of your contract.  It simply states that they have a certain period of time to sale the loan to the bank, and if they can not, then they can either get the car back, or change the terms so that they loan will get bought.  You have the right to return the car rather than renegotiate the loan.  That is up to you.  If you like the car and can do what they are asking to do, then I would say do it.  If you don't or can't then simply return the car.

I hope this helps.

Thanks - Jb