I bought a car with an interest of 1.72. They cal me 3 days later and told me my car was to new to qualify for that porcentage rate and I h...

Question

I bought a car with an interest of 1.72%. They cal me 3 days later and told me my car was to new to qualify for that porcentage rate and I have to go and re do the contract with a higher porcentage rate. can they do that. Do I have to sign a new contract with a higher rate?

Answer

No, but if you don't it will likely be more trouble that it's worth, i.e., your efforts to retain the original APR of interest.