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This may vary from state to state, and I don't know what you meant by "lost the lienholder", so I'm kind of guessing here.

Most of the time, the contract will say that the dealer will arrange for financing for you at a particular rate specified in the contract, and if they can't, they have some (short) window of time to notify you of the changes.

Dealers generally arrange financing right away and get a pretty firm commitment from the financing company, but once in a while things do go south later, especially on used cars, and the terms change.

When the dealer contacts you with the updated terms, you will need to either go back in and sign a new contract, or return the car to the dealer. You don't have a lot of wiggle room here if they did notify you.

If they didn't notify you, though... at 30 days, it's too late for them to change it. They MUST finance the car at the rate specified by the contract, even if the dealership has to do it themselves.

What will probably happen in practice is that they'll threaten to repossess the car if you don't come in and sign the new contract or return the car. And if you talk to a lawyer, you'll probably be told that a court will do exactly bupkis about this until the dealership actually does repossess the car, and then you'll have to sue them.

The bottom line is: talk to the dealership and try to work it out.

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11y ago

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