I recently entered in to a contract with a car dealership where by i bought a car on finance.(Wednesday) The car had just come from the holding yard and required cleaning so i was to pick it up from the dealer 2 days later. I signed all the relevant paperwork including the finance contracts and they gave me a courtesy car unitl i was to pick up my new car. I also traded in my "very" old car for about $1500 to bring the purchase price of the car down to $11500
When i went to the dealer 2 days later (Friday), upon arrival they informed me that the "finance company" had called and now required me to pay a deposit of $3000 dollars, i was informed that the dealer had negociated with the finance company and were able to bring the deposit down to $2000 dollars... etc
In the original contract that i signed there was no mention of a deposit... but there was a clause in the contract that stated that they would be able to change fees and charges relating to the amount and time of the repayments and the amount and time for payment of credit fees and charges they may become payable during the term.
1. Are the finance company able to impose a deposit upon the contract after the contract has been signed, or is this the dealer taking me for a ride...
2. Am i able to get out of this contract with this finance company?
3. Who can i go to for more detailed or direct advice?