Are you able to return a car you just bought? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering you interactive tools and financial calculators that provide objective and original content, by enabling users to conduct research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies who pay us. This compensation could affect how and where products are displayed on the site, such as, for example, the order in which they appear within the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity and other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews you see on this site. We do not contain the universe of companies or financial offerings that could be open to you. Westend61/Getty Images
6 min read Read Published on January 31, 2023.
Written by Allison Martin Written by Allison Martin’s career began more than 10 years ago as a digital content strategist, and she’s since been featured in a variety of top financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to take control of their finances by providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promises
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If you have questions about money. Bankrate has answers. Our experts have been helping you manage your finances for more than four years. We are constantly striving to provide consumers with the expert advice and tools required to make it through life’s financial journey. Bankrate follows a strict , so you can trust that our content is truthful and accurate. Our award-winning editors and journalists provide honest and trustworthy content that will help you make the right financial choices. Our content produced by our editorial team is factual, objective and is not influenced by our advertisers. We’re open about how we are capable of bringing high-quality content, competitive rates and helpful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products andservices or by you clicking on specific links on our site. So, this compensation can influence the manner, place and in what order items appear in listing categories and categories, unless it is prohibited by law for our mortgage or home equity products, as well as other home lending products. Other factors, like our own proprietary website rules and whether a product is available within your region or within your own personal credit score can also impact how and where products appear on this site. Although we try to offer an array of offers, Bankrate does not include details about every credit or financial product or service. If you’ve purchased a new or used vehicle and you have second thoughts about it, you usually won’t be able to return the car. The seller who sold you the car is usually not legally bound to return the car and give you a refund or exchange after you’ve signed the contract. There are a few exceptions to this rule. Certain dealerships might allow you to return your vehicle in certain circumstances. If the car has major mechanical problems, the dealership may be obliged by law to allow a return. It’s still better to avoid having to return the vehicle in the first place. Reasons to return your car Other than buyer’s remorse, other possible reasons to sell your car could be mechanical or financial issues. Dealers might be willing to work with you in the event that you are unable to pay the bill. If you have mechanical issues and/or mechanical issues, the ability to return the vehicle to the dealer will depend on how you do it and the terms as well as conditions for the vehicle return policy. If you’ve been ripped off, and you believe that this is the case , you should consider meeting with the dealer manager. When you meet with the manager, make sure you bring evidence to prove that you were wronged. For example, if think the dealer overcharged you show evidence of the vehicle’s fair market value to a credible authority (like Edmunds or Kelley Blue Book) to prove your case. Present your case to the manager with a calm and professional manner. Remember that since you’ve already signed the contract, your options are limited if the manager chooses not to honor your request. It is also possible to contact your state attorney general’s office for a discussion of your choices. Make a complaint to the Better Business Bureau. Employ an attorney to sue the dealership. Review a negative experience on the dealership’s site. File a complaint with your state’s consumer protection agency as well as the Federal Trade Commission. Bankrate tip
To research whether you’ve paid the wrong amount, you can look up the price of vehicles with identical make, model, and the same mileage or .
Your car payments are excessive If you’re planning to return the car due to monthly car payment is too high, you’ll have harder time getting the argument to return the car. The manager at the dealership’s general office may argue that you ought to have decided whether you can pay the monthly installments before buying the vehicle. It’s the dealership’s decision whether to allow you to return the vehicle and exchange it to a more affordable model. Speak with the salesperson who sold your car in the first place. If that doesn’t work, get in touch with the sales manager, or the dealership’s general manager. If you’ve exhausted your possibilities, you can look at alternative options to . your auto loan with a lower interest rate or a longer term can lower the monthly cost. Tips from Bankrate
Use this tool to find out how much money you could save and to compare different loan options.
Your car is a lemon To build a case for returning a car that doesn’t work properly, you should first gather documentation showing the mechanical problems you’ve encountered. You may need multiple trips to the dealer’s service department. Ensure your complaints are noted in full on all repair orders. If the issue hasn’t been fixed, you may determine your vehicle is a lemon — a vehicle beyond repair. Since laws vary between states and state to state, you’ll need to do some research to determine whether you’re able to make a legitimate lemon law claim. In most states, laws pertaining to lemons apply to new vehicles with an immediate defect that affects your ability to drive. Other requirements for lemon laws that differ from state to state include the length of time after purchasing the vehicle, its mileage and the amount of times the dealership attempted to fix the vehicle. You can research the laws in your state. It details each state’s requirements and the timeframe for returning a car in accordance with lemon laws. After a successful claim you’ll have the option to obtain a reimbursement or comparable vehicle exchange. Only seven states have lemon laws on used vehicles: Connecticut, California, Massachusetts, Minnesota, New Jersey, New Mexico and New York. The laws are subject to limitations and the laws might not offer any relief for your circumstances. Tips for banks
You could be eligible for reimbursement for attorney expenses if you engage an attorney to assist in your case. Keep track of your legal fees as you go through the course of your case.
You’ve changed your mind Dealers do not generally consider buyer’s remorse to be to be persuasive. Only a handful of dealerships have a policy on returns. After you’ve signed the sales contract it is your responsibility to pay the amount promised in the contract. Even though the FTC offers an “cooling-off rule” which is a law where you have three days to cancel an agreement made at your home, workplace or seller’s temporary address — a vehicle purchase is one of its exceptions. If a dealer sells you a vehicle at an in-between place, the rule applies as long as they are in a permanent place. Some states also have the “right to cancel” period that lets you return the vehicle within a specified time without incurring penalties or the damage to your credit report. The vehicle is required to be returned in the exact condition as when you purchased it. Other limitations may also apply. Bankrate tip
Make sure you avoid this scenario by researching ahead of time. Make sure to follow these guidelines prior to signing off on a new vehicle.
Your dealer has a return policy A few dealerships have return policy. For instance, it has a 30-day return policy. If you aren’t satisfied with the vehicle, you can exchange it for one you would like or request a full refund. Additionally, certain dealerships offer exchange programs in which you have a limited amount of time to exchange the vehicle. Be aware that other stipulations could prevent you from being able to turn the vehicle in. If you are able to return it, you will likely have to pay the difference between the current value and what the car is currently worth. Bankrate tip
Always get a dealership’s return policy in writing. So, you’ll know the conditions and terms of the policy and can navigate any attempt to deny your claim.
How can you avoid returning your car to avoid the troublesome process of returning your car, you should properly prepare to purchase the vehicle. This is the process . Review car reviews on the model and make you’re thinking about on sites such as . It’s also a good idea to conduct a price analysis by using Kelley Blue Book or Carfax, , create a budget to see and test-drive the vehicle. It’s also important to research dealerships prior to purchase by reviewing online reviews. Use sites like BBB.com to ensure dealerships have an excellent reputation and offer top customer service. Additionally, you’ll want to spend some time researching the background as well as the condition and history of the specific car you’re considering purchasing. Start by looking over the history of the car on sites such as Carfax or AutoCheck, where information on the vehicle is accessible by using the . If you’re purchasing a car from a dealer, ask the dealer to provide the car’s history for your review. It’s also a good idea to bring the vehicle to be inspected by an independent evaluation of the vehicle and any issues it might have. If the mechanic discovers mechanical issues, you can ask the seller to pay the cost of repairs. Options for returning the car If you aren’t able to return your vehicle? You have other alternatives. Sell the car. If you sell it to someone else it could be possible to avoid having a car you don’t want. You may not be able to recover the entire amount you paid to the dealer because a car depreciates as soon as it’s driven off the lot. You’ll be responsible for paying the difference between the dealership price and the price you pay for your vehicle. Ask for an informal repossession. If you can’t afford the monthly installments You can contact the lender and ask for an uninvolved repossession. Even though this could make your monthly payments non-existent however, you must be cautious before taking this decision. A lender may still notify the credit bureaus. Repossession negatively impacts the credit rating for as long as seven years, making it more expensive to get a new auto loan. Consider refinancing your car loan. If your monthly payment is too high, you could do so by extending your period or by negotiating the lowest interest rate. Although this is a step that will have an effect, it is only temporary. In fact, after just some months of payments your credit score is likely to improve or even increase. The bottom line Before you purchase a car make sure you do some research on the price of the cars you like and reading the dealership’s return policy and car reviews. Failing to research could leave you stuck with the car you bought. In the majority of cases it’s impossible to return a car you just bought — most dealerships will not allow the return of a vehicle. If you’re unable to return a vehicle, there are other ways to get rid of the vehicle. You can either sell it or file a lemon law claim under certain conditions. Alternatively, if you have buyer’s remorse because of large payments, but wish to keep the car you could refinance your auto loan to lower the costs.
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Allison Martin’s writing started over 10 years ago when she was a digital content strategist, and she’s since been featured in a variety of top financial publications which include The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances with clear, well-researched information that breaks down otherwise complex topics into digestible chunks.
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