Can you return a car that you bought recently? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering financial calculators and interactive tools that provide objective and original content, by enabling users to conduct research and compare data for no cost to help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website come from companies who pay us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they appear within the listing categories, except where prohibited by law for our loan products, such as mortgages and 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 entire universe of businesses or financial offerings that could be available to you. Westend61/Getty Images
6 min 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 media strategist. She’s been featured in a variety of top financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances with precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate guarantee
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To research whether you’ve paid an unfair amount, you can look up the price of vehicles with similar make, model, and the same mileage or .
Your car payments are excessive If you’re planning to return your vehicle because your monthly car payments are excessive, you’ll face harder time getting the argument to return the vehicle. The manager at the dealership’s general office could argue that you ought to have decided whether you are able to manage the monthly payments prior to buying the vehicle. It’s up to the dealership to decide if they want to let you bring back the car and trade it in for something more affordable. Speak with the salesperson who sold you that car initially. If that doesn’t work, call the sales manager or the general manager of the dealership. If you’ve exhausted your possibilities, you can look at other methods to . the auto loan with a lower interest rate or a longer time frame can lower your monthly payment. Bankrate tip
Use an to see how much you can save and compare different loan options.
The car you own is a lemon. If you want to build a case for returning a car that isn’t run properly, first gather evidence of the mechanical issues you’ve experienced. It is possible to require multiple visits to the dealership’s service department. Ensure your complaints are noted in detail on all repair orders. If the problem still isn’t resolved and you’re not sure if your vehicle is a lemon – the vehicle is beyond repair. Because the laws are different from state to state so you’ll need to conduct a thorough investigation to determine if you are able to be able to make a valid lemon law claim. In the majority of states, the lemon law apply to vehicles that have a serious defect impairing your ability to drive. Other lemon law requirements that vary from state to states include the amount of time after purchasing the vehicle, the mileage of the vehicle and the number of times the dealership tried to fix the car. It is possible to find the laws of your state, and it provides each state’s mandatory actions and the timeframe for returning a car in accordance with lemon laws. After a successful claim you’ll be able to obtain a reimbursement or similar exchange. There are only seven states that have lemon laws for used vehicles: Connecticut, California, Massachusetts, Minnesota, New Jersey, New Mexico and New York. The laws are subject to limitations and the laws will not give some relief for you in your circumstance. Bankrate tip
You could be entitled to reimbursement of your attorney fees if you hire an attorney to represent you in your case. Be sure to keep the track of your legal costs during the process.
You changed your mind Dealers do not generally find buyer’s remorse to be persuasive. Very few dealerships have a policy on returns. 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. Although the FTC has the “cooling-off rule” — a rule that gives you the right to cancel within three days an agreement that you make at office, home, or temporary location — a vehicle purchase is among its exceptions. If a dealership offers you a car in a temporary location, the rule applies to them as long as they have a permanent address. Some states also have a “right to cancel” period that lets you return the car within a specified time without incurring any penalties or damage to your credit profile. The vehicle must be in the same condition as it was when you bought it. Other limitations often are also in place. Tips for banks
Try and avoid this scenario by researching ahead of time. Use these tips before signing off on a new vehicle.
Your dealer has a return policy few dealers have return policies. For example, they have 30 days of return time. If you aren’t happy with the car, you may exchange it for one that you would like or request the money back. In addition, some dealerships have exchange programs where you have a limited period of time to exchange the vehicle. Remember that other conditions could stop you from being able to turn the vehicle into. If you are able to return it however, you’ll likely need be responsible for the amount that is different between the current value and the value of the car currently worth. Bankrate tip
Always request a dealership’s refund policy in written form. This way, you’ll be aware of the terms and conditions and will be able to navigate any attempt to reject your claim.
How to avoid returning the car if you wish to avoid the hassle of returning a car You must prepare properly to buy an automobile. This process . Review car reviews on the make and model you’re thinking about on sites like . It’s also a good idea to conduct a price analysis using Kelley Blue Book or Carfax, , create an estimate of your budget and then test-drive the vehicle. It’s equally important to research the dealership in advance by reviewing online reviews. Utilize sites such as BBB.com to ensure dealerships have a good reputation and exceptional customer service. Additionally, you’ll want to research the background and condition of the particular car you’re looking to purchase. You can begin by reviewing the history report for the vehicle via sites like Carfax or AutoCheck, where information on the car can be found through its . If you’re buying a car from a dealer, ask the dealer to provide the history of the vehicle for you to review. It’s also a good idea that you take the car for a thorough inspection by a professional who can provide an unbiased review of the vehicle and any issues it may have. If the mechanic finds mechanical problems, request the seller to pay the bill for repairs. Alternatives to returning your vehicle Can’t return your car? You have other options. You can sell the car. If you sell it to someone else it could be possible to avoid being stuck with a vehicle you don’t like. You might be unable to recover the entire amount you paid the dealer, since a car’s value decreases when it’s taken away from the dealership. The buyer is responsible for paying an amount that is different between dealer price and the amount buyers pay to purchase the vehicle. Ask for voluntary repossession. If you are unable to afford the monthly payment, you could call the lender and ask for an uninvolved repossession. Even though this could reduce your monthly payments but you need to consider this decision. A lender is still able to report the repossession to the credit bureaus. The repossession can negatively impact the credit rating for as long as seven years, making it more expensive to obtain a future auto loan. Consider refinancing your car loan. If your monthly installments are too high, you could do so by extending your period or by negotiating a lower interest rate. While taking this step will be beneficial, the results are temporary. In reality, after only some months of payments your credit score is likely to improve or even increase. The most important thing to remember is that prior to you buy a car take some time to research the cost of cars you like and reviewing the return policy of the dealership and reviews of the car. If you don’t do your homework, it could leave you with an unsatisfactory car. In most cases it’s impossible to return a car you just bought — most dealerships don’t permit it. If you’re not able to return a vehicle however, there are other options to get rid of the vehicle. You can either sell it or file a lemon law claim under certain conditions. In addition, if you suffer from buyer’s remorse as a result of the large payments, but wish to keep the car, you can refinance the auto loan to lower the costs.
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Allison Martin’s work began more than 10 years ago as 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 editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances through providing concise, well-researched and well-researched content that break down complex topics into manageable bites.
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