We are in a situation where our bills keep increasing and our income is decreasing but we have still been able to make all of our payments for the past year or more. We our budget getting tighter, we thought maybe we could get a car with a lower payment.
Went to Gary Yeomans Ford Lincoln Mercury Mazda on a Sunday as it is wife's only day off. I had contacted internet sales online and they has assured me they could make a deal to get a lower payment. We were looking at a low-end, no-frills car.
We signed a contract with a payment of $35 less a month and drove our car home. The finance guy said he'd have an answer from the bank on Monday to verify everything. I called the salesman on Monday afternoon and he said to call back Wednesday, there was a problem with the financing. So on Wednesday, I called and was told that in order to keep my new car, I would have to pay $25 more a month than my current payment ($60 more than on the contract) or return the car.
Needless to say we returned the car and got our old one back.
I thought a contract signed by two parties was a binding agreement and could not be broken by one party without consent of the other. The only options given to me were pay more or return the car, neither that I saw as options in the contract.
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