How to get out of a new car loan?
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I’ve just purchased a new car yesturday and thought that I can handle the none expected monthly cost the finance company stated for my new car note. After calculating my total expenses for the month, and include the new car note expense, I realize now that I can’t afford it. Is there a way that I can return the car and forfit the loan?
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The Auto Evaluator™ said:
No state in the USA offers a 3 day right to rescind of vehicle purchases. Once you drive it off the lot, the sale is complete unless the dealership has a problem with the lender. There is nothing the buyer can do except go back to the dealership and ask them if you can possibly turn the car in or purchase a cheaper unit.
Again, there is no 3 rule to take a car back, so I wouldn’t even bring it up when you’re at the dealership. Good luck and I hope they take the car back for you.
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0November 15th, 2009 at 2:56 pm -
Robert C said:
sometimes you have 3 days to cancel the contract.
Take it back today don’t wait and just claim insanity and apologize and plead for mercy for them to take it all back and cancel everything.
should work.. if not call an attorney right away for help or call the department of business regulation for help
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0 0November 15th, 2009 at 2:56 pm -
Ralfcoder said:
If you’re in the US, you may be able to return it under the Uniform Commercial Code’s 3 day rule. Do some online research quickly on this, but be sure to use only reputable sources.
DON"T DRIVE THE CAR ANYWHERE EXCEPT BACK TO THE DEALERSHIP. You don’t want to be accused of fraudulently getting the car, racking up a bunch of miles, and then returning it.
Don’t be surprised if you don’t get all of your money back. In my view, the dealership shouldn’t have to foot the bill for your lack of foresight and planning. I think you’d be lucky to lose only $1000 on the deal, but that’s just my opinion, and I’m no lawyer.
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0 0November 15th, 2009 at 2:56 pm -
The Eagle Keeper said:
Do what Robert C said. Take it back before they send off the loan paperwork. You will not loose a thing & your credit will be ok.
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0 0November 15th, 2009 at 2:56 pm -
UCANTCME said:
First as stated above there is no 3 day return policy of a vehicle.
If you want 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 you can find a private buyer for it or trade it in on a cheaper model..
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0 0November 15th, 2009 at 2:56 pm -
I_know_it_ALL said:
So far if you drove the car off the lot then that’s pretty much it. The new law with the 3 day rules only complies to if "you bought the 3 day return policy" which you have to pay a restocking fee as well. But if you didn’t buy it then more likely the car is yours. The only way you can take it back without any trouble is if the bank cannot finance your car. If the bank has problem getting you finance because of your info then they will call you to return the car at no cost. If you bring back the car now it will be consider as a volenteer repo.
Best way is to go and ask the dealership, "tell them you cannot afford the car because you calculated your income and your expense surpasses your income." Maybe they will let you return it. Other else than that, if you drove the car off the lot and didn’t buy a 3 day return policy for it, that’s pretty much it.
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0 0November 15th, 2009 at 2:56 pm
