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QLD Car Dealer - Car Finance Help

Discussion in 'Australian Consumer Law Forum' started by doug11, 12 July 2015.

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  1. doug11

    doug11 Member

    12 July 2015
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    Hi, I recently signed a contract for buying a new car. I signed all the contracts and car loan financing through the dealer. I put a $500 deposit down and have a receipt for it. I agreed to terms of the loan of 27, 500 with weekly repayments of 125 per week over 6 years with an interest rate between 8% and 12 % (subject to approval).

    Following signing this, I was directed to another person who I agreed to add another $2000 of extras, which now brings my loan to $29, 500. Then afterwards I was given financial advice that the interest rate I will be given will be well over the variable rate. So when I go in next, do I have a leg to stand on with what I originally signed was for a loan of 27, 500 with agreed repayments and interest and I have not agreed on the changed repayments of 29, 500.

    Also the copy of the new vehicle Contract I was given doesn't have my signature on it, only the dealers, but they have the same copy with mine.
  2. Ivy

    Ivy Well-Known Member

    10 February 2015
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    Hi Doug,

    1. Why is the interest rate you are being given well over the variable rate? Was that explained to you? Is it because of the $2000 extra that you added to the loan?
    2. Do you want to get out of the whole loan or just the $2000 worth of extras?
    3. When did you make this agreement?

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