I just bought a car 1 month ago and I dont like it. I havent started making payments yet. Will my bank let me keep that loan but transfer it to a different car seeing as I havent even recieved the loan documents yet?
2007-10-19 04:17:08 · 12 answers · asked by Truth Hurts 3 in Cars & Transportation ➔ Buying & Selling
I would say no but talk with your bank before you do anything, but what about the new car, read below.
Returning New Cars
Depending on what state you are in there might be a three day law.
This would specific that by law you have three days to return a car from the date of purchase.
If one was to return the car now, you would get resale value for it and car prices go down tremendously after having been driven off the lot. It will probably be better if he can find a private seller for it.
2007-10-19 05:24:30 · answer #1 · answered by Anonymous · 5⤊ 5⤋
You could trade it back in but you can expect to take a huge loss. This question has been asked by others. Why didn't you give the purchase more thought before you signed the contract? You would need to secure a new loan from your bank as the current one is against the car you have now and it cannot be transferred.
2007-10-19 11:45:48 · answer #2 · answered by Otto 7 · 0⤊ 1⤋
There are NO LAWS anywhere in the UNITED STATES OF AMERICA that lets a person take back a car after they have taken delivery. There is NO cooling off period on vehicle purchase, so please stop giving people bad advice.
As far as your situation, the bank will not let you transfer the loan. The car is yours and the only way to get a different car is to either sell yours, or trade it in and take a major depreciation hit.
Your current loan is structured around your current vehicle and you can not simply swap the collateral. I hope this helps to clarify.
2007-10-19 11:52:06 · answer #3 · answered by Janet 4 · 5⤊ 1⤋
The mere fact of driving a new car off the dealer's lot depreciates the value of the vehicle by hundreds of dollars, and you've been riding around in the car for a month. If you do manage to exchange the car with the bank's approval, expect to pay a high price for your fickleness.
2007-10-19 11:25:47 · answer #4 · answered by DJ 7 · 1⤊ 1⤋
No, because that car has gone down in value in the time you've owned it. You will have to sell that car or trade it in, retire the existing loan and get a new one. You're going to lose a lot of money, though.
2007-10-19 11:26:19 · answer #5 · answered by curtisports2 7 · 1⤊ 1⤋
I don't know about the bank, but I can't imagine the dealership would be thrilled to exchange the car for you. You have driven it for a month, so they can't sell it as new any more. What's so bad about the car?
2007-10-19 11:22:00 · answer #6 · answered by Tiss 6 · 0⤊ 1⤋
Chances are no... most car dealerships only give you 7 days to decide on a car. Chances are... your stuck with it. Next time do some more research before purchasing something like a car. Buying something you were not in love with is a silly childish mistake. Good luck hun... sorry your not happy with your purchase.
2007-10-19 11:26:52 · answer #7 · answered by shadowsthathunt 6 · 2⤊ 3⤋
Depending on what state you live in some offer a cooling off period but if there is none you would have to sell it on your own or take the flip over amount on to the new loan. Because it would be a whole new loan.
2007-10-19 11:24:40 · answer #8 · answered by Pugmama 3 · 0⤊ 6⤋
i bet they wont cause as soon as u drive the car off the lot u loose money in it right from that point
2007-10-19 11:29:23 · answer #9 · answered by blue03neon 5 · 0⤊ 1⤋
If you haven't made a payment yet, the car started breaking down with in 30 days, yes you can give the car back. Call your BBB. there is such a thing, called A Lemon Law! Second if you haven't had any papers sent to you or given to you, this means they messed up on your loan. Which means you can give the car back because it might show, you don't even have it!! Go to your bank asap!
2007-10-19 11:28:36 · answer #10 · answered by ? 6 · 0⤊ 9⤋