Can you take a new car back to the dealership and tell them you dont want it anymore. What are the penalties?

Question

I just bought the car but I see myself going thru some really hard times in the very near future. Am trying to get rid of as much debt as possible, but dont want to "screw" myself in the process.

Answer 1

There is NO right to return a car because you changed your mind.

There is NO right to return a car because you changed your mind.

There is NO right to return a car because you changed your mind.

I can not say this enough!!!

The 72 hours rule that everyone keeps talking about applies to in home sales. It does not apply when you go to a "normal place of business". It was designed to prevent people from being pressured into signing contracts just to get the salesman to leave their home. When you go to a place of business, you always have the option of walking out. You can not walk out of a sales situation in your own home.

When you take delivery of a vehicle, and drive it off the dealers lot, you own it!! The dealer is not required to take it back, and most likely will not.

When you buy a new car, and drive it off the dealers lot, you loose quite a bit in depreciation. Depending on the car, you will loose several thousand dollars, if not more. Any taxes and title fees you paid are also lost!!!

You can ask the dealer what they will pay to buy the car back from you. Most likely, if they are willing to do so, you will be offered quite a bit less than you paid for the car.

To check the value, go to a place like Carmax and have them give you an offer on your car.

You most likely are going to want to keep the car, and find some way to handle the payments.

Good luck

Answer 2

Not after you signed the papers. Some dealers have 3-day exchange policy but I've never heard of return policy.
Penalty will be determined by the dealer, and you are at their mercy which is not a winning proposition for you. You should expect 10-15% of the selling price.

Answer 3

THERE IS NO 3-DAY COOLING OFF PERIOD WHEN BUYING CARS!!!!!!!! THAT'S AN OLD URBAN LEGEND THAT IGNORANT PEOPLE KEEP REPEATING!!!!!!

3-day law only applies to purchases made inside your home (such as vacuums & encyclopaedias), on temporary locations or health memberships!!!!!!!!!!!!!!!!!!!!!

So once you sign that contract, the car belongs to you. You have absolutely no recourse. Now had the car konked out while driving off the lot, the dealer may feel bad and replace it or refund it but they don't have to. And since your car appears to be in excellent shape, they will not take it back. You'll have to sell it at a loss.

Answer 4

I tried this once, you are stuck with it. Even if you drove it a mile off the lot and tried to return it, it is considered a used vehicle. You are best off dealing with it for a year, then try to get rid of it. If you wait, make sure you don't owe more than its worth, because if you try to get a different car, that extra will carry over to the new vehicle.
The other thing you can do is to try to sell it yourself.

Answer 5

Your an owner. It is not the dealers problem. and you are probably upside down on the value. If it gets repoed you will suffer bad credit for the next 10 years. Tighten your belt and live with it.

Answer 6

Some states have a mandatory 3 day buy back, but if you are over that, you have few options. The best you can do is to try to keep up the payments. If you try to sell it now, you are going to lose 20% or more of what you paid. It would likely be cheaper just to drive it than to trade it for a lower payment.

Answer 7

A dealer will usually buy back a car, but at a GREATLY reduced price, which translates to a "screw" job.

Answer 8

Unless they have a return policy allowing it you are stuck with it.

Answer 9

they ,might let let you if you buy aother car from them.