Can you trade it in for a different brand of machine? Or perhaps get it adjudged a "lemon". (Check your state's "lemon" laws.)
Newer Singers, especially lower-end Singers, have a bad reputation for tension and other issues.
It's no fun sewing on a machine that has tension issues. My advice is to get another machine. For a fixed amount of money, you can almost always get a better machine used than new.
Did you buy this Singer from a dealer? If so, see if you can work with the dealer to get some satisfaction. Unfortunately, sewing machine dealerships work on very similar principles to car dealerships. Be aware that prices are not fixed so you should do your best to negotiate.