Can you take back the power of attorney from a car dealership ?

Question

I think I made a bad mistake when buying a ford ranger. which is going to cost me out of my but now and also i have given them the power of attorney. I was wondering could i take that back? And is there anyway to get out of the deal? or is there some way to reduce down on the rate which is a 12.999? and the ford is a 2005 has already 40,000 miles on it

Answer 1

It is unfortunately too late. They have power of attorney regarding the trade in vehicle only. That is the only good news here. You must have pretty bad credit to have such a high interest rate. Maybe you can refinance in a while for a better rate. For now, you need to suck it up and press on without looking back on your mistakes. Good luck.

Answer 2

You will probably hear a variety of things here, but based on my experience in the business here is how things stand. The power of attorney is used simply so that they can stand on line for you when doing your paperwork on your new car, and if you had a trade in, then on your old car. You can ask for your power of attorney back, no problem. If you want a tag and title for your car, you need to go get one yourself, but that does not let you out of your car deal. However, in this case, since your vehicle is financed, the dealer generally has to make sure the lien is placed properly on the new vehicle on behalf of the lender, and so will likely be obligated to do that themselves.

You signed a purchase order and a contract, and while I am sure there will be a few geniuses who tell you that there is a 3 day right of recission, there isnt. Once you buy, you are an owner.

As for your rate, while a comment was made that you must have pretty bad credit for that rate, the fact is that there could be a multitude of reasons for that rate, not in the least of which is that your car is now 4 model years old, and qualifies for a much higher rate than a new car. In addition you might have financed a higher percentage of value, also pushing up the rate. Also, the dealer might have made the rate higher to create some income from interest reserve from the lender, and then finally, your credit might also come into play.

Having 40,000 miles on a 2005 vehicle is actually pretty good, so I dont see that as a major issue.

Bottom line is just go with it, take the time to make sure your payments are made on time NO MATTER WHAT, and then when it is feasible, trade the used truck on a new vehicle, or an almost new vehicle, and enjoy it.