We bought a car yesterday. We got home and did some research and found we didnt get a good deal .?

Question

We bought this from a local dealer and I was told we had 72 hours to back out of the deal.. Is this true

Answer 1

No! There is absolutely no truth to the 3 day right to rescind on vehicle purchases. This is the same across the United States. Once you take delivery, it is your car. I'm sure you are frustrated, however the above posters are incorrect. If you have not taken delivery, you might still be able to back out. If the car is in your driveway, it is yours.

If the dealer offered you a 72 hour return, then that is a different story, but there is no law obligating them to do so. I hope this helps to clarify.

Answer 2

Who told you you had 72 hours? The dealer, discussing this specific transaction? Or did you just hear from "someone" that you have three days on any deal?

If the dealer offered you 72 hours, and it is in writing in the contract, then you can return the car. You can also flap your arms and fly to the moon. :) Because that is about how likely it is that a car dealer would give you a contract that allowed you to get your money back for three days. If the dealer said this verbally to you but didn't put it in the contract, you can TRY to get your money back, but if they refuse, it's your word against theirs, and you'd have a hard time suing.

If, however, you just "heard" that you have three days to back out of a contract, you are mistaken, along with a lot of other people, including many who have already responded. That applies only to door-to-door sales, not to just any old contract, and even then there are plenty of exclusions.

Bottom line is that whatever that sales contract says, you were bound to it the moment you signed it, so unless it says 72 hour refund, you own that car.

Answer 3

My name is Marco with MyDealerAndMe.com and I have been in the automobile business for 25 years. Unless the dealer has this policy and they offer this to their customers you DO NOT HAVE 72 HOURS. Everybody that has told you that you do has at one time or another been misled themselves. Listen up! The only time you have 72 hours is if I deliver the vehicle to your home and you sign the contract in your home. That is soliciting a sale and you have the right to cancel with 72 hours. But if you went to the dealer and signed out of "your free will" and gave a down payment out of your free will, then that car is YOURS the moment you drive off the lot. There is NO LAW giving you the right to cancel.
Thanks Marco

Answer 4

There is no law giving you the right to cancel a car deal, so if the dealer told you you have 72 hours, it had better be in writing.

Answer 5

No you can not return the car. Their is no 72 hr buy back. And if there is you will have to pay taxes and restocking fee.

This is what you do. Call the lender and tell them your agent will not insure the car and you have call everyone and either you can not get it insured or the insurance is more than the payment and you don't want the car. the will not fund the loan and the dealer will take the car back.

Answer 6

OK - read some of my other answers... All dealer contracts are contingent on lender approval. We sign agreements on terms and conditions that we feel one of our banks will accept. We are essentially liasons between buyers and lenders. The deal you signed still has to get accepted by a bank. Until it is, you are not an owner. And we have not made a sale. The bank that is approving your loan wants to see proof of income. This early in the year, its not unusual to have banks ask for W2s. They want to make sure that your income is as represented on the application. If you misrepresented your income then yes, you can lose the car. If not, then everything should be OK. Just take the W2 and any other information they may need. *Call your F&I manager and ask if they need anything else. Sometimes they need bank statements, phone bills, or other proof to support the application. Or - follow the advice of the first two respondants and lose the car. I suppose that is your decision. The DEALER does not want this information. The BANK does. You are not approved for a loan at this point. You need to provide information to the BANK in order to secure financing. Or, you can get financing frmo your own resource, and bring the dealer the check and walkk away. Or hand back the car. Those are your options EDIT - you provided the dealer with everything they thought they needed. The BANK that is taking the loan wants more proof. Its is NOT the dealer asking for this, it is the bank. You can get mad, you can scream and holler, but after all of that, the dealer is still trying to get a bank to accept your loan. They are workign FOR you WITH them. If you refuse to provide the BANK with the information they need, you will not have a loan, and shortly after you will not have a car. EDIT2: Wrench, you have no clue. As I said, all dealer agreements are contingent on lender approval. All contracts say that the dealer will *attempt to secure a loan on your behalf*. There is no flipping breach of contract. We are not the bank. We are doing what we say - *attempting to secure financing*. If the BANK wants more info than we have, then its the BANK that needs it, not us. I am sure you have heard that there is a credit crunch. Banks are getting tighter on their requirements for loans. Deals that were a lock a year ago are getting shot down today as lenders get more nervous about who they lend to. So, give them what they need to feel secure in giving you this large loan. Or try to be a hardass, and wind up without a car.

Answer 7

I hope it's in writing....but either way, take it back now and try to get your money back.

Let this be a lesson learned to research a car's value before buying it. Car dealerships will get as much money as they possibly can out of you, so it is important to know what you're looking at before you sign anything.

www.nada.com is the best site for researching the value of vehicles. When I was a Paralegal, this is the guide that we used in court to determine the values of cars involved in accidents and bankruptcies.

Good luck!

Answer 8

I heard the same thing when I bought my car. I think it is not hurt if you go to talk with him, and you should act as soon as you can .
Before you buy a car, you should do a lot of research. I found a good website to do this kind of research:
http://SearchAutoReviews.com/

Do some home work before you buy another car. =(

Answer 9

There is no 3 days grace period for buying a car, when you sign the paperwork you have a car. It is a common mistake people have, not sure why.

And do your research BEFORE you buy the car, not later.

Answer 10

well if you found out you got a bad deal call up and tell him you dont want it in case the 72 hour rule is true. And if your looking to purchase a car again if you can return, DO THE RESEARCH BEFORE YOU BUY A CAR! That way you won't have to worry about this again. When making big purchases you should alwayyyyyyyyyyys research all kinds of things about whatever it is your buying, that way you can feel satisfied in what you buy. Good Luck to you!