Can I get out of an car loan i just recieved 3 days ago?

Question

I purchased a new truck and traded in my car I have decided that I don't think this is a good idea for my finances and was wondering if i can change my mind? There is nothing wrong with either car I just ain't sure it was the best decision for my family.

Answer 1

The short cooling off period only applies to things like door to door salesmen that sell stuff you didn't instigate the sale on. I don't think there is a cooling off period on a car. You walked into the showroom on your own and bought the car.

You've now had the truck for 3 days and it depreciated several thousand dollars during that 3 days so I doubt they are going to just take it back. Also, your trade-in is very likely long gone.

You can call them and ask but I think you have a truck. I doubt they'll take it back.

Here's the Federal Rule on cooling off periods. You can check your state department of consumer affairs to see if you have a more liberal law in your state. If you do, the state law would apply.

Basically, federal law allows three days to cancel purchases of $25 or more purchased at your home, workplace or dormitory, or at temporary facilities (for example, hotel or motel rooms, convention centers, fairgrounds and restaurants). It also applies when you invite a salesperson to make a presentation in your home.

The federal rule does not, though, apply to sales made entirely by mail or telephone, to sales for goods or services not primarily intended for personal family or household purposes, except in the case of courses of instruction or training. And it does not apply to sales of real estate, insurance, securities, or of automobiles and other vehicles sold at temporary locations if the seller has at least one permanent place of business. Nor does it apply to sales of arts and crafts sold at fairs, malls, schools, or civic centers. Like California law, it does not apply to sales that result from prior negotiations made by you at the seller's permanent business location where the goods are regularly sold or sales needed to meet an emergency, such as the sudden appearance of insects in your home.

Answer 2

read the fine print on your sales contract, sometimes there is an escape clause within so many days. But it's not likely there is anything like that.

Were you close on the financing? I know someone who got called back by the car lot to resign the contracts because the first bank wouldn't approve the loan so they were redoing it. They had changed their mind and said they would not resign anything, the dealer told them to bring the car back. Although three days is probably about the mark when that would happen if it was going to.

Answer 3

In some states there is a short "cooling off' period to get out of a contract.

However, you took posession of the truck, used it, and the dealer is trying to sell your car. He might have already.

I'd say you "bought it."

Answer 4

nopes you can't....once all the papers are signed and such....deal is done. If you are thinking of selling, your car drops in blue book value the minute you drive out of the lot.