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New Contributor
Posts: 74
Registered: ‎04-08-2012
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Undo an Auto Purchase

I had been debating over buying a new vehicle for a few weeks.  Today I finally went back to the dealership and signed the papers without digging deep down to think about it harder..  Approved with $0 down on a 38k loan.  EX FICO was 799 and I took two HP's on each CRA.

 

On the hour long drive back from the dealership I had thoughts that a new vehicle was a terrible idea at this point in my life.  Tons of personal things going on, etc. 

 

Now I wonder if I can get out of this if I do it in a timely manner.  Bought the car this afternoon around 5 CST and wonder if I went back Monday if I could back out and erase the whole mess.  If coarse the inquires would be there, but at least I wouldn't be stuck with a $600 payment for 6 years.

 

Is there a law or other legal timeframe that I might be entitled to for situations like this?  Even if I get out will BofA still report the accounts to the CRA's?

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Undo an Auto Purchase

You are most likely stuck with the purchase. What state are you in?

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Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Undo an Auto Purchase

You could sell it and be out several grand, but not $600 for the next 72 months.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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Posts: 7,225
Registered: ‎09-16-2011
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Re: Undo an Auto Purchase

This is really a state-specific question... Oklahoma has a sunset clause in their consumer purchase laws... basically you can have 3 days to change your mind on any purchase over a certain $ amount...  but not every state has this.


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Posts: 5,329
Registered: ‎03-06-2010
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Re: Undo an Auto Purchase


Dustink wrote:

You are most likely stuck with the purchase. What state are you in?



This is true. Check your state's statutes and the contract. In most state's once you sign the contract for an auto you are stuck. Many people think that there is a 3 day cancelation period (not sure where this confusion comes from, but it never applied to auto sales). If there is a cancelation period, it would be written in your contract.

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Posts: 147
Registered: ‎11-28-2012
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Re: Undo an Auto Purchase

You probably are stuck. I know in many states when  you are signing the papers, the F&I guy should have made sure you knew the fine print advised of that, but they brush over that piece because they assume the salesperson has made certain there wont be any buyers remorse. A co worker of mine was in a similar situation as you, bought a new Infiniti on a Friday, by Monday afternoon, was stressed out at work about the 6 yr commitment he made, went to the dealer and talked to the GM about getting his trade back and cancelling the loan. He was unable to, and ended up trading that car in about 4 days later at a nissan dealership for a pre owned Altima. The Nissan dealer made him eat about 3k in negative equity because the car was now "used". He had to roll that into the new loan. Unlike you, his credit wasnt the best, so his payment on the Altima is close to the Infiniti, but the term is 2 years shorter. A life lesson indeed.

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Posts: 502
Registered: ‎04-17-2013
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Re: Undo an Auto Purchase


StartingOver10 wrote:

Dustink wrote:

You are most likely stuck with the purchase. What state are you in?



This is true. Check your state's statutes and the contract. In most state's once you sign the contract for an auto you are stuck. Many people think that there is a 3 day cancelation period (not sure where this confusion comes from, but it never applied to auto sales). If there is a cancelation period, it would be written in your contract.


+1

The 3 day cancellation period only applies to door-to-door sales, not auto sales, in most states.


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Posts: 7,132
Registered: ‎02-27-2013
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Re: Undo an Auto Purchase

Like Dustlink and a few people have said, you're most likely stuck with it.

 

Do check on your state laws. Certain states you might be able to back out.

Certain dealerships such as Carmax has a return policy as well, though there might be a lot of fees associated with it that might not make it worthwhile.

Certain car companies has, or at least used to have, a return policy. I think it was uh, certain Chrysler vehicles. Not sure if they're still doing it.

 

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Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Undo an Auto Purchase

Here in CA you can purchase a return period on used cars.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
Posts: 560
Registered: ‎09-29-2012
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Re: Undo an Auto Purchase

Glenn Gary Glenn Ross?  lol.  3 business days..

 

Hmm, this is interesting.  I know it varies by state, but I thought that all states had some sort of buyers remorse return law, no?

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