Car dealership misrepresented vehicle specifications
In March of 2003 I bought a 2000 Saturn from CarMax, a national used car chain. CarMax advertised this vehicle as a Saturn LS-2 with a V6 engine. The sticker, bill of sale and the financing contract all state LS-2. Nine months after owning this vehicle a Saturn dealership informed that the car is actually a LS-1 4 cylinder. I actually paid the LS-2 V6 price! The price of the car was $12,599. The warranty was $1,599. With all appropriate taxes and fees the final price was approximately $15,000. I paid $5,000 down on the car and financed the rest through Bank of America. The financing paperwork also states LS-2. I took the car back to CarMax and they admitted that they misrepresented the vehicle specifications and it was not a ”paperwork error”. They apologized and offered to buy the LS-1 from me for $10,000. I would loose $5,000. Is this contract valid? Should I expect the dealer to put me in a LS-2? Should the bank know that they are not financing the vehicle they thought they were? How should I proceed?