Can dealer change lease rate on lease agreement?
If I signed the motor vehicle lease agreement back on Nov. 2017, and now when the car is ready, can they increase the lease rate from 3.99% to 4.99%? And update other information on the lease agreement?
I signed the lease agreement for my Hyundai ioniq electric back in Nov. 2017 with a clause on subject to test drive. Finally the car arrived and I test drived it last Sat. I am happy to buy it and I asked them to check and see if there is anything changed on my agreement. They printed a page showing that everything's are roughly the same (rate changed from 3.99% to 3.98%, but they added the wheel lock so that the payment is still roughly the same. The ppsa increased $8.) and we arranged to pick up the car next Saturday.
However on Monday, the sale manager told me that they have to increase the rate from 3.99% to 4.99% (this is the new rate as posted on Hyundai web site), and they updated the residual value (from 30% to 33%) so that the payment will remain the same.
Are they allow to do that? I actually asked them when I sign the agreement and they told me that I could keep my rate even when the rate increase, but I didn't get that in writing and it was a different manager.
The same payment amount looks like there is no impact to me, until I actually want to buy it back at the end of the lease. I will be paying the difference.
They said they could only protect the rate if it is a finance instead of lease.. I started to have a feeling that they want to sell my car to other buyer with a higher profit instead..
I signed the lease agreement for my Hyundai ioniq electric back in Nov. 2017 with a clause on subject to test drive. Finally the car arrived and I test drived it last Sat. I am happy to buy it and I asked them to check and see if there is anything changed on my agreement. They printed a page showing that everything's are roughly the same (rate changed from 3.99% to 3.98%, but they added the wheel lock so that the payment is still roughly the same. The ppsa increased $8.) and we arranged to pick up the car next Saturday.
However on Monday, the sale manager told me that they have to increase the rate from 3.99% to 4.99% (this is the new rate as posted on Hyundai web site), and they updated the residual value (from 30% to 33%) so that the payment will remain the same.
Are they allow to do that? I actually asked them when I sign the agreement and they told me that I could keep my rate even when the rate increase, but I didn't get that in writing and it was a different manager.
The same payment amount looks like there is no impact to me, until I actually want to buy it back at the end of the lease. I will be paying the difference.
They said they could only protect the rate if it is a finance instead of lease.. I started to have a feeling that they want to sell my car to other buyer with a higher profit instead..
