Can you return a car you purchased recently? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing original and objective content. This allows you to conduct research and compare information for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers including, but not restricted 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 can affect the way and when products are featured on this website, for example, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our loans, mortgages, and other products for home loans. However, this compensation will affect the content we publish or the reviews you see on this site. We do not include the entire universe of businesses or financial deals that might be accessible to you. Westend61/Getty Images
6 min read Published on January 31, 2023.
Written by Allison Martin Allison Martin Written by Allison Martin’s work started over 10 years ago as a digital content strategist, and she’s since been published in several leading financial media outlets, such as 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 the confidence to take control of their finances by providing precise, well-studied information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee
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To find out if you’ve been charged the wrong amount, you can look up the price of vehicles with identical make, model and similar mileage on or .
Your car payments are excessive If you’re looking to sell your car because your monthly car payments are excessive, you’ll face greater difficulty in getting the argument to return the car. The manager at the dealership’s general office could claim that you should have determined whether you can pay the monthly installments before buying the vehicle. It’s the dealership’s decision to decide if they want to let you bring back the car and trade it in for a cheaper model. Speak with the person who sold you the car first. If that doesn’t work, get in touch with the sales manager, or the general manager of the dealership. After you’ve exhausted all options, look into different options for . your auto loan with lower interest rates or a more extended term could lower the monthly cost. A tip from Bankrate
Utilize an application to determine the amount 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 documents detailing the mechanical issues you’ve experienced. It may be necessary to make multiple trips to the dealership’s service department. Ensure your complaints are noted in detail on all repair orders. If the problem still hasn’t been fixed, you may determine the car is a lemon, an unfixable vehicle. Since laws vary from state to state and state to state, you’ll need to do some research to determine whether you’re able to make a legitimate claim under the lemon law. In most states, laws pertaining to lemons apply to new vehicles with an issue that seriously affects your ability to drive it. Other lemon law provisions that vary from state to state include the length of time that you have to wait after buying the vehicle, its mileage and the amount of times that the dealer tried to fix the vehicle. You can research the laws of your state on , which details each state’s requirements and timeframes for returning a car in accordance with lemon laws. Upon a successful claim you’ll have the option to obtain a reimbursement or a comparable exchange. There are only seven states that 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 any relief for your circumstances. Tips for banks
You could be eligible for reimbursement of your attorney fees if you hire an attorney to represent you in your case. Make sure you keep an eye on your legal expenses during the course of the case.
You’ve changed your mind Dealers generally do not consider buyer’s remorse to be convincing. Only a handful of dealerships have a policy on returns. When you sign the sales contract it is your responsibility to pay the note in accordance with the terms you’ve agreed to. While the FTC has the “cooling-off rule” which is a law that gives you the right to cancel within three days a sale that you make at office, home, or temporary address the purchase of a vehicle is one of its exceptions. If a dealer sells you a vehicle at an in-between location, the rule applies to them as long as they have a permanent address. Some states also have a “right to cancel” period in which you can return the car within a set time period without incurring any penalties or the damage to your credit report. The vehicle must be in the same condition as it was when you bought it. Other restrictions may apply. Tips for banks
Make sure you avoid this scenario by conducting research prior to the time. Use these tips before signing off on a brand new vehicle.
The dealer you are dealing with has a return policy few dealers have return policies. For example, has a 30-day return period. If you aren’t happy with the vehicle, you can swap it out for one you would like or request a refund. In addition, some dealerships offer exchange programs in which you have a limited number of days to exchange the vehicle. Remember that other conditions could stop you from turning the vehicle in. If you can return it however, you’ll likely need make payments for any difference in what the vehicle is worth today and the value of the car currently worth. Bankrate tip
Always ask for a dealership’s return policy in written form. That way, you’ll understand the terms and conditions , and will be able to navigate any attempt to refuse your claim.
How to avoid having to return a car If you want to avoid the troublesome process of returning a vehicle, you should properly prepare to buy an automobile. This procedure . Check out reviews of the model and make you are considering on websites like . It’s recommended to conduct price research by using Kelley Blue Book or Carfax, , create an estimated budget, and drive the vehicle. It’s equally important to research dealerships in advance by reviewing online reviews. Use sites like BBB.com to ensure that dealerships have an excellent reputation and offer top customer service. In addition, you’ll need to conduct some research on the history and condition of the specific car you’re looking to purchase. It is possible to begin by looking up the history report for the vehicle via sites like Carfax or AutoCheck and the information about the vehicle is accessible by using its . If you’re buying a vehicle from a dealer the dealership to provide the history of the vehicle for you to review. It’s recommended to take the car to an expert who can provide an unbiased review of the vehicle and any issues it might have. If the mechanic notices mechanical issues, you can ask the seller to cover the repair costs. Other options to return your vehicle Can’t return your car? There are still options. You can sell it. By to someone else you could be able to escape being stuck with a vehicle you don’t want. You may not be able to recover the full amount you paid the dealer since a vehicle depreciates as soon as it’s driven off the car lot. You’ll be on the hook for paying an amount that is different between dealer price and the price you pay for your vehicle. You can request a an informal repossession. If you can’t afford the monthly payment You can contact the lender and request an uninvolved repossession. Although this would make your monthly payments non-existent but you need to be cautious before taking this decision. A lender is still able to notify the credit bureaus. Repossession negatively impacts your score on credit for up to 7 years. This makes it more expensive to get a new auto loan. You can refinance the auto loan. If your monthly payments are too high, you can extend your loan period or by negotiating an interest rate that is lower. When you do this, however be beneficial, the results are temporary. In fact, after just a few months of making payments your credit score will be restored or improved. The most important thing to remember is that prior to you buy a car, spend some time researching the cost of cars that you like, as well as reading the dealership’s return policy and reviews of the car. Failing to research could leave you stuck with a car. Most of the time it’s impossible to return the 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 dispose of it. You can sell it or submit a lemon law claim under certain conditions. If you are suffering from buyer’s remorse because of excessive payments, but you want to keep the car, you can refinance the auto loan to reduce the amount of cost of the loan.
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Written by Allison Martin’s work began more than 10 years ago as an online 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 since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing precise, well-studied information that break down complex topics into manageable bites.
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