I signed a credit agreement with a local auto dealer,credit was approved, I took posession of a vehicle, made my first payment then recieved...

Question

I signed a credit agreement with a local auto dealer,credit was approved, I took posession of a vehicle, made my first payment then recieved a letter from the dealer thelling me that the interest rate would be higher.I feel this is the old 'bait and switch', must I accept this and be forced to pay a higher rate? Can I return the car and cancel the contract since it is not what I agreed to?

Answer

Read your agreement. Does it permit this increase?

Answer

It is very difficult to answer this question without reading the agreement. However, if you feel that this was a bait and switch, you can contact the NYS Attorney General's Office, Consumer Frauds and Protection Bureau at: 1-800-771-7755.