I'm from NJ, but I purchased a car yesterday in NY, but I came to my senses today, so is there a way to return it to them without any penalties? I traded in a car and financed 20, 000, is there a way to undo the whole thing? Please help.
2007-10-29 04:02:02 · 5 answers · asked by viktorphs 3 in Cars & Transportation ➔ Buying & Selling
well, you are suffering from a classic case of buyers remorse. The short short version is, unless the dealer is WILLING to take the car back (not very likely), then no, there is no way to undo the thing. When you say you came to your senses, what does that mean exactly? That you cannot really afford the car? Or you just dont WANT the car? I am assuming you are an adult, and signed a legal and binding contract. Unless someone held a gun to your head literally, you have committed to a legal and binding contract, and short of ruining your own credit, you are the proud new owner of whatever it is you bought.
2007-10-29 04:07:13 · answer #1 · answered by Rafael P 4 · 1⤊ 0⤋
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.
However in most states you do not even have one day, unless you are doing the 24-hour test drive program.
2007-10-29 11:13:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. plain and simple. (Unless you have some extra cost return policy that you bought when you financed it) I find it amazing that so many people will do this. They go to a dealership and don't put any thought about signing up for a $20K or $30K car they can't really afford until after they have committed to buying it. It's like they leave their brains outside and can't see it is a bad idea.
2007-10-29 11:11:37 · answer #3 · answered by Otto 7 · 0⤊ 0⤋
If you drove the car off the lot after signing the papers, its considered a used car. You could trade it in for another, or possibly get your old car back, but you would owe any difference, ie, if the car was $20,000, and they bought it back from you for $18,000, you would still be responsible for $2000. Plus, if you got your old car back, they could sell it to you for more than they gave you for it, so you would end up paying more for the car you already had.
2007-10-29 11:08:22 · answer #4 · answered by George P 6 · 1⤊ 1⤋
I have seen signs in dealerships that say "there is no cooling off period" or there is "no 3-day grace period." Once you buy a car, it cannot be returned, generally.
You could try to sell it yourself, but good luck coming out even.
2007-10-29 11:21:04 · answer #5 · answered by Flatpaw 7 · 0⤊ 0⤋