Can a dealership change the annual percentage rate after the contract is signed ?

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I live in N. Calif. and I bought a car over the weekend.

This dealership has been giving me the runaround ever since I stepped on the lot. Too bad they had the exact car I wanted at a pretty fair price.

Anyway, the loan officer guy calls me and says he can get my x.xx% if I can bring him verification of income RIGHT NOW (yeah right, I have class in 2 hours). Otherwise it will be xx.xx% annually.

I have already signed a contract and put money down on this car with an annual % rating of x.xx% and it seems he's trying to change it. Am I getting taken advantage of .. or can he legally do this even though I have a signed contract saying what my annual % rating is.

Can a dealership change the annual percentage rate after the contract is signed ?

If your contract says "fixed rate" then they cannot change it and you need to contact the owner of the dealership and take up the problems that you are having with him or her. If your contract says "adjustable rate", "trial rate", "rate to be determined", "rate based on....", or any of the other "loophole" like phrases, then they can change the interest rate. If the dealership has been giving you the runaround since the very beginning, you should have thought twice before you made a purchase from them. Generally the way a dealership conducts business prior to the sale is a good reflection of how lousy or well they will treat their customers after a sale.

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Can a dealership change the annual percentage rate after the contract is signed ?

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