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if you feel that you cant afford the monthly payments, or have ANY qualms about buying the car in the first place, then my advice to you is DONT BUY the car. go find something you can afford to either finance or better pay cash for. while some states have a 72 hour cooling off period, chances are that the dealer is going to consider the deal done when you sign the papers, and the car is yours, which puts yo on the hook for the payments.
I heard that in buying a new car you can always bring it back to the dealer and resell it to them if you feel like you don't want to pay for monthly payments. Is it true? In effect could you have leased the car without a contract?
I guess new cars are reliable but I hesitate because although monthly payments aren't too bad short term, on the long term you are losing a lot of money to the car which is expensive. And I've heard of stories online about buying cars for cheap and driving it for a long time without major fixes.
You need to figure out whether or not you can make the payments, long before you buy the car.
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When the economy first tanked a car company offered to take a new car back no questions asked. It might have been Hyundai and I don’t think the terms of the loan could have been all that benevolent. If you wind up buying a car you can't pay for your credit is going to take a big hit. Car dealers, banks and finance companies are not in business to be nice. They might be set up to take advantage of someone like you. There is a current scam dealers have been accused of where they "generate" used cars for the used car market which is good business. No one has been trading cars so they sell new cars to people who can’t afford them.
State laws differ. Mine has none. As soon as you cross the curb, she's all yours. The dealer has no obligation to buy it back from you. They can offer anything to you they want or refuse altogether.
Friend, You do understand what being "upside down on a car" means I assume. If you want to dump the car and it is not worth what is owed you just pay the cash difference and the car is gone. If you dont have the cash you will find yourself in the same boat as most buyers are and you are stuck paying the car down and not being upside down or you can default on your payments and lose the car along with your future credit for many years. This is why you have to plan . good luck
Not necessarily to the purchase of the vehicle itself, but many states have a three day right of rescission on a finance contract.
On a finance contract, yes. Automobiles are exempt from that statute. You do not get three days to change your mind on a vehicle contract.
CARMAX is the only car company that give you five days to change your mind, and that is on used cars. They aren't required to do so, that is their good will policy..
On a finance contract, yes. Automobiles are exempt from that statute. You do not get three days to change your mind on a vehicle contract.
CARMAX is the only car company that give you five days to change your mind, and that is on used cars. They aren't required to do so, that is their good will policy..
On a finance contract, yes. Automobiles are exempt from that statute. You do not get three days to change your mind on a vehicle contract.
CARMAX is the only car company that give you five days to change your mind, and that is on used cars. They aren't required to do so, that is their good will policy..
Maybe so in your state, but not so in several Western states in which I do car business.
It's been a big deal, reported in the news ... about some local dealerships that arranged financing for a customer who had buyer's remorse and then wouldn't allow them to cancel their finance contracts within the 72 hour right of rescission statutes. Some folk also had arranged their own financing, but decided after the deal was made that they wanted to walk away, and the dealer wouldn't accept the calls/paperwork from the lender within the 72 hours allowed by law until a couple of days after the right of rescission time frame; so that was their excuse that the deal wouldn't be unwound because they hadn't been notified within the 72 hours. It came down to court cases where the customer was able to document their attempts to cancel the financing and shut down the car deal.
As a result, some of those dealers received well publicized Dealer Licensing Board orders to shut down operations for a certain number of days as a penalty for not complying with the consumer finance statutes.
I'd also mention that some dealerships in my region also have promo "100% buyer satisfaction" policies, where they will allow you a certain number of miles and a time frame (usually a couple of days) to be happy with your new car. If not, they advertise that you can bring the car back and unwind the deal. Of course, you're still on the hook for the miles that you've driven the car and the cost per mile is ... well, pretty steep. From what I've heard from a GM at one of those dealerships, they've only had a couple of cars brought back in several years of this policy. I have no doubt that they do a pretty hard sell to try to keep the customer in the car if they try to unwind a deal. But the point here is that there are other dealerships besides CARMAX that can and do allow for buyer's remorse type situations. And that's on top of some of those gimmick promotions where they'll cover your payments or let you walk away from a car deal if you lose you job within a given time frame; I'm pretty sure that there's some sort of insurance premium that is hidden to the buyer that provides this coverage.
But were you aware that CA law in 2011 was changed under the Car Buyer's Bill of Rights?
my understanding is that used car dealers must offer the 48 hour contract rescission policy. Haven't read up enough on this to know if it applies to new cars ... since any return of a new car is now a used car.
According to Wiki:
"Actually, since 2011 you can return a car for a refund under California new "cooling off period". The law doesn't apply to RVs, motorcycles, exotic cars etc.
At the time of purchase, you have the option to pay a small fee for what is essentially cancellation insurance - for a 48-hour period.
The dealer must offer you this agreement option and have you sign that you were offered this and declined."
Another reason you shouldn't buy a new car is that you really don't know what kind of car suits you and you don't know how to care for a car. Better you should learn with a chearper used car than a brand new one.
The law in CA applies to used cars only, under $40,000, and costs several hundred dollars (must be purchased at time of sale) for a car over $30,000. This is the closest thing to a "cooling off law" in CA. If you don't purchase the option, you have no coverage.
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Buy Used
