[net.auto] Car Finance Flame

ahs@houxu.UUCP (Arthur Steinman) (03/21/85)

It never fails. Just when you think you've got a good deal on a car you
find out that if you waited a couple of days you would have gotten a better
one. I just bought a Chevy Cavalier and took out a 60 month contract for
14.5% with GMAC. I know it's kind of high but I knew what I wanted and I
went for it, perhaps impulsively. The price was right. 
	Two days later GM comes out with 8.8% financing for the same car
(for 48 months)! Now, the question is: Am I screwed, or does the consumer
have any sort of protection against deals that change overnight. I find it
hard to believe that this new financing rate comes as a total shock to my
dealership. If they knew about it, do I as a consumer have the right to a
renegotiation of the contract. I know this all sounds hopelessly naive but
if I have a shot at something I'm gonna take it. Alternatively, can I wriggle
my awy out of the contract and then refinance? Any help will be greatly 
appreciated.


						Art Steinman
						Path..houxu!ahs