Are you able to return a car you purchased recently? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct your own research and evaluate information for free and help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website come from companies that compensate us. This compensation could affect how and where products are displayed on this website, for example for instance, the order in which they may appear within the listing categories, except where prohibited by law. Our mortgage, home equity, and other home lending products. However, this compensation will have no impact on the content we publish or the reviews that you read on this site. We do not cover the universe of companies or financial offerings that could be available 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 prior to that as a digital content strategist. She’s been published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to control their finances through providing precise, well-studied information that breaks down otherwise complex topics into manageable bites. The Bankrate promise
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To research whether you’ve paid the wrong amount to determine if you’ve been charged unfairly, look up the price of vehicles with identical make, model, and the same mileage or .
The car’s payments are too high If you want to return your car because your monthly car payments are too excessive, you’ll face more difficult time convincing the dealer to let you return the car. The general manager of the dealership may claim that you should have determined whether you are able to manage the monthly payments prior to purchasing the car. It’s up to the dealer to decide if they want to let you return the vehicle and swap it out to a more affordable model. Contact the salesperson who sold the car first. If that doesn’t work get in touch with the sales manager, or the dealership’s general manager. Once you’ve exhausted those possibilities, you can look at alternative options to . your auto loan with a lower interest rate or a more extended term could reduce your monthly payments. Bankrate tip
Use this tool to find out the amount you could save and compare different loan options.
Your car is a lemon If you want to build a case for returning a car that isn’t run properly, first gather documentation showing the mechanical problems you’ve experienced. It is possible to require multiple visits to the dealer’s service department. Make sure your complaints are recorded in full on all repair requests. If the issue isn’t resolved and you’re not sure if the car is a lemon — a vehicle beyond repair. Since laws vary from state to state, you’ll have to research to determine whether you’re able to be able to make a valid lemon law claim. In many states, lemon laws apply to vehicles that have an issue that seriously affects your ability to drive. Other requirements for lemon laws that differ from state to states include the amount of time from the time you purchased the car, the vehicle’s mileage and the number of times the dealership tried to fix the vehicle. You can research the laws of your state on , which outlines each state’s required actions and timeline for returning a car under lemon laws. After a successful claim, you’ll be able to get a refund or comparable vehicle exchange. Seven states have lemon laws applicable to used cars: Connecticut, California, Massachusetts, Minnesota, New Jersey, New Mexico and New York. There are limitations, and these laws might not offer much relief in your situation. Tips for banks
You could be entitled to reimbursement for your attorney’s expenses if you engage an attorney to represent you in your case. Be sure to keep track of your legal fees during the course of the case.
You changed your mind Dealers generally do not consider buyer’s remorse to be to be persuasive. Very few dealers have a return policy. Once you sign the contract of sale and you’re responsible for the payment of the note in accordance with the terms you’ve agreed to. While the FTC offers a “cooling-off rule” — a rule where you have 3 days in which to cancel an agreement made at your office, home, or temporary place of business — a purchase of a car is one of its exceptions. Even if a dealership sells you a car at an in-between location, the rule still applies if they are in a permanent place. Some states also provide a “right to cancel” period which allows you to return the vehicle within a set time period without incurring any penalty or the damage to your credit report. The vehicle has to be used in the same way as it was when you purchased it. Other restrictions may are also in place. Tip for Bankrate
Avoid this situation by conducting research prior to the time. Follow these for you before making a decision on a new vehicle.
The dealer you are dealing with has a return-policy few dealerships have return policies. For example, has a 30-day return policy. If you aren’t satisfied with the car, you can swap it out for one you like or get the money back. Additionally, certain dealerships have exchange programs where you are given a certain period of time to exchange the vehicle. Remember that other conditions could stop you from being able to turn the vehicle in. If you are able to turn it in however, you’ll likely need be responsible for the amount that is different between the value currently and what the car is currently worth. Bankrate tip
Always ask for a dealership’s return policy in written form. So, you’ll know the conditions and terms of the policy and can withstand any attempt to reject your claim.
How to avoid having to return the car if you wish to avoid the hassle of returning a vehicle You must prepare properly to purchase a car. This procedure . Review car reviews on the make and model you are considering on websites such as . It’s also a good idea to perform price research by using Kelley Blue Book or Carfax, , create an estimate of your budget and then try the car. It’s equally important to research dealerships prior to purchase by looking up online reviews. Make use of sites such as BBB.com to ensure that dealerships have an excellent reputation and offer top customer service. Finally, you’ll also want to research the history and the state of repair of the particular car you’re considering purchasing. You can begin by reviewing the history of the car on sites such as Carfax or AutoCheck, where information on the car can be found using the . If you’re buying a vehicle from a dealer the dealership to provide the car’s history for your review. It’s recommended to take the car for a thorough inspection by a professional person who will give an impartial assessment of the car and any problems it might have. If the mechanic discovers mechanical problems, request the seller to foot the bill for repairs. Other options to return your car If you aren’t able to return your vehicle? You have other alternatives. You can sell the car. By to someone else you could be able to avoid having a car you don’t want. You may not be able to recoup the full amount you paid the dealer because a car depreciates once it’s driven off the car lot. The buyer is responsible to pay an amount that is different between dealer cost and the amount that the buyer pays for the vehicle. Request a an informal repossession. If you are unable to afford the monthly payment then you can call the lender and request a voluntary repossession. While this will eliminate your monthly payments but you need to consider this step. A lender can still report the repossession to the credit bureaus. The repossession can negatively impact your credit score for up to seven years, which makes it more expensive to get a new auto loan. Consider refinancing your car loan. If your monthly installments are too high, you could do so by extending your term or securing the lowest interest rate. Although this is a step that will have an effect, it is only temporary. In fact, after a few months of making payments, your credit score should be restored or improved. The most important thing to remember is that prior to you purchase a vehicle make sure you do some research on the price of cars you like and reviewing the return policy of the dealership and car reviews. Failing to research could leave you with an unsatisfactory car. In the majority of cases it’s impossible to return a vehicle you’ve purchased — the majority dealerships won’t allow it. If you’re not able return a vehicle you’ve purchased, there are other methods to get rid of the vehicle. You can sell it or submit a lemon law claim under certain circumstances. If you are suffering from buyer’s remorse due to high payments but want to keep the car you may refinance your auto loan to lower the payments.
Written by Allison Martin’s work began over 10 years ago as an online content strategist and since then she’s been published in several leading financial outlets 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 editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances through providing concise, well-researched and well-researched content that breaks down complicated topics into manageable bites.
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