I signed the purchase order and made the deposit. I still haven't taken the car out of the parking lot. I signed the credit application, but will not hear if it was approved maybe later today. If the interest rate is not what I hope it is, can I still back out of the deal?
I live in NJ.
2007-07-23 04:42:12 · 8 answers · asked by MikeBGoodLukin 1 in Cars & Transportation ➔ Buying & Selling
Also, they already added the car to the insurance policy as well. But I still haven't driven the car out of the dealer's lot.
2007-07-23 04:54:49 · update #1
You don't have 3 days or 30 days to back out of a car deal. That's total B.S. Once you sign the paperwork, it's done. I guess in your situation, it would depend on the paperwork you did sign, but if you drove the car off the lot, you are probably stuck. Check your purchase agreement.
2007-07-23 05:01:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Okay, heres the deal: Since you have not signed any loan contracts to finalize the deal, your off the hook.
Approach the dealer, let them know that you no longer want the car. Without a cashable finance contract, there is nothing they can do to hold your feet to the fire.
Remeber, if your not a jerk about backing out of the deal, the dealer will be nice. If you go in pounding your chest, they will be jerks right back to you.
They may try to offer you an alternative, such as a different car. Be open minded, you may find the right deal with them yet.
2007-07-23 05:39:46 · answer #2 · answered by Jeremy A 3 · 1⤊ 0⤋
Call and ask for a better finance rate or contact your credit union or bank arrange your own financing. Then rearrange with the dealer. You have not taken possession of the car yet is the best thing. Signed paper work is difficult but if you can purchase the car thru your financing the dealer will forgive you they just want to move units off the lot to make room for 2008's arriving.
2007-07-23 05:06:11 · answer #3 · answered by John Paul 7 · 2⤊ 0⤋
I did the same thing once, except I actually had the car for a month. You can call the finance companies they are trying to get you financed through and cancel your applications, its very simple and if you tel the dealer you want to return the car and they tell you you can't then just continue canceling your applications until they get fed up and want the car back. Worked for me don't see why it wont work for you.
2007-07-23 05:28:08 · answer #4 · answered by Brent S 2 · 1⤊ 0⤋
If they come back with an interest rate that is more than you agreed to on the purchase order, the deal's off.
2007-07-23 05:40:28 · answer #5 · answered by Anonymous · 1⤊ 0⤋
The credit has not been approved - so you are not bound to buy the car.
You normally have 30 days to return after you buy it.
2007-07-23 04:48:10 · answer #6 · answered by cgriffin1972 6 · 0⤊ 1⤋
u have 72 hrs to back out in my state
2007-07-23 04:45:31 · answer #7 · answered by caretaker 5 · 0⤊ 1⤋
You are OK untill you drive it off the lot.
2007-07-23 05:27:44 · answer #8 · answered by Warren K 2 · 0⤊ 1⤋