HELP! I want to give the car back...i am desperate!

Question

i signed a contract for this vehicle expecting for my bank to take over, well my bank said no way to $20000 because i cant afford it(bank said) i do agree... i really love this car but i know i can find something very simular in my price ranger that my bank has now pre approved me for.... here the tricky part the dealer shiip held off on financing till i heard from my bank.... i let them know my bank wasnt going for it and they said they would see what they can do. the dearler ship calls me today to tell me they were able to find a bank to finance me and they want me to come to sign a new contract.... i told them i do not want their gap coverage or warranty butthey told me in order to finace me they have to have thaqt on there( i know they cant sell me something i dont want) so my question is: since they did a new contrat it voids the other one right? and if i dont sign the new one then am i free and clear to return the car and walk away?

Answer 1

Correct...You didn't sign the new contract yet so it don't belong to you.

The old contract is just the pre-approval.  Also, you don't even have the title stating that you are the ownership of the vehicle.  The dealer are just trying to scare you into buying their vehicle.  They will make up as much lies as they can to put you in a spot that you think you will have no choice but to buy their vehicle.  Just let them know that you no longer show interest in their vehicle and you are returning it to the right owner which is the dealership.  If they tell you that you bought the car already, let them know that no, you didn't.  No funds was transfer and you don't have the title in your hand showing ownership.  And tell them to stop harassing before you get a lawyer to sue them for harassment.  

Answer 2

you should be able to walk away but take the car back NOW I mean tomorrow because it's probably too late. There is a clause on every purchase that gives you a short grace period for return. DO NOT sign anything!!!! Unless it is for the return of the car......  you may have to pay a small fee for the mileage if you went over the limit. I suggest reading the contract you have because car sales men are snakes do not trust them!!

Answer 3

walk away... new contract.. voids old... and you should seriously consider gap insurance.. if you drive it off the lot and get into an accident ...It pays it off in full... otherwise ... the insurance companies will put a value on the car.. many times it is less than what you owe.. leaving you to pay for a loan on a piece of scrap metal that is useless.. and worse yet.. makes it hard to get a new loan.. because you already have a car loan out... not a bad thing to invest in... I have totaled a car.. got lucky.. only had 5 payments left.. got more than I owed... I had friends that were not so lucky...  

Answer 4

most states have a buyer's remorse clause if you return the car in x number of days.  If you haven't paid for tags title and license your not obligated for the car at all.

Answer 5

There is no "cooling off period", no "buyer's remorse" clause when buying a car. You need to read the paperwork you signed. I have no idea what you can or can't do.