i just bought a 2007 Toyota Corolla S and financing it for 5 yrs. Is there any way I can break that contract?

Question

I just bought a 2007 Toyota Corolla S and decided to finance it for 5 yrs. Is there any way I can break that contract? I made the mistake of impulse buying the car but what I was really interested in was the 2008 Nissan Altima Coupe. I've had the car for less than a week but was just wondering if there was any way of breaking my contract without being penalized. Please let me know if you have any advice.

Answer 1

No. ONly chance is to go back to the dealer and see if he can work something with you.

Answer 2

Sorry, you're pretty much stuck with what you bought. An automobile shouldn't be an impulse buy. Your only hope is if the dealer offers some kind of exchange guarantee - check your purchase agreement. Wait, that wouldn't do you any good because you want a Nissan and you bought from a Toyota dealer.

Problem is, the new car you bought is now a used car and lost some of its value when you took possession at the dealer. Anything you do is going to cost you serious money. The good news is, you have 5 whole years to learn to like your Corolla.

Answer 3

Make sure the used one has a warranty, and it is Toyota Certified. Sometimes you can find used ones that are only 1 year old and still under the original factory warranty (original warranties do transfer). Your payments will be about the same, the used car (although it's cheaper) will have a higher interest rate. The new car (although it's more expensive), will have a little bit lower rate. Cash/financing is the same to a dealership. They get the money either way, a check from either you or a bank, in the end the dealership gets paid, it doesn't matter to them. If you buy a car, as soon as you drive off the lot, it becomes a used car and you'll lose about $3k off the value for depreciation. My recommendation would be the used, but if you are financing and you have excellent credit, the new one might be better because you would have a lower rate.

Answer 4

You might be able to work something out with the dealership where the contract is transferred from the Toyota to the Nissan (with additional fees, etc). One other option is to sell the Toyota to someone else, and they take over the contract for you. Unfortunately, if you "break" the contract (meaning not pay on it), you are still legally responsible for the amount that you financed. Simply put: once you sign, you owe.

Answer 5

I am in the middle of dealing with car BS myself. One legitimate source told me that the only way to break the contract is to call the financing company and to check to see if the dealership has been paid (by the finance company) for the car you bought. If the dealership has been paid, then you cannot back out without some circumstances. If the dealership HAS NOT been paid, then you can inform the finance company that you want to BREAK this contract and then they will inform the dealership that you want to break this contract as well and then go on from there. Good Luck!

Answer 6

Well it depends what you consider a penalty.

You can always trade in the car for a 2008 Nissan Altima Coupe, but expect any negative equity from the corolla to be passed on to the new car.

You can attempt to sell the car for approximately what you owe on it. Advertise it on places like http://www.craigslist.org for free!

Answer 7

You signed a contract. You can't just return a car like a pair of pants that don't fit. Enjoy your Corolla or sell it.

Answer 8

No, you bought the car. It's yours now. You own it. If you want out of the car, sell it, take the financial lose and grow up.

Answer 9

If the dealership hasen't been paid then maybe, i would get my butt back there & ask, i belive you only have 3 days, but it won't hurt to ask.