Shady dealership or a good deal?

Question

I traded in my vehicle for a new one, signed the papers with all the payments and interest, everything. Almost a week later I got a letter in the mail saying I wasnt approved from the bank. The dealership called the next day saying the "forgot" to have me sign papers on financing. I went back to the dealership and as I expected they want me to sign a new contract. The interest rate went up a little and they said the total went down $2000 though. they didnt tell me the length of the loan or the payoff amount. I told them I didnt want to sign another contract and to give me my Jeep back. The sales manager agreed, but then his boss said thats not an option and if I dont sign the new contract they will pay the bank the difference between the two amounts and hold me to the old one. I'm not sure if they can do this or if its legal. Please anyone with knowledge in the area that has any advise let me know. Thanks

Answer 1

Sounds shady to me.....federal truth-in-lending laws require them to show you all the details of any financial agreement.  If they are unwilling to do this, they are hiding something that will surely come back and bite you hard.  

I'd call a lawyer and have him review all the documents immediately.

Answer 2

sounds like a Major shady deal...you should see an attorney and pronto...

Answer 3

Well I do not think that is legal. I mean they can probably hold you to the original contract, but I do not see how they could forget to send you to finance.