I purchased a very expensive used vehicle from a dealership. I was questioning whether I should keep it.?

Question

I decided to keep it. But I was wondering if I even have a choice? I signed all the paperwork except the financing. So I have made no payments, though I was approved. Since I didn't sign off on any financing, can I legaly return the vehicle and get my full down payment back? Just out of curiosity.

thanks everyone!!!

Answer 1

Just to put something to rest... there is NOT a "3-day right to rescind" on car deals. Only California offers this as a fee-based transaction if wanted.

I wish people would quit throwing that out there. It is not "state law" anywhere. If a dealer offers it, fine, but it is not some existing magic law that gives folks buyer's remorse.

Answer 2

All depends on the terms of your transaction. If nothing is stated for such cancellations then legally you can cancel the whole deal. The dealership may charge you a certain amount being the cost of paperwork etc., but should not with hold your deposit. If it is a reputed dealership, they will make sure you leave as a satisfied client, whether you purchased a car or not.

Answer 3

you have a 3 day 'right to rescind'. that might vary state to state so you're having second thoughts, better hurry.

Answer 4

Once you've signed the paperwork, the car is yours. There's no right to change your mind or cancel the deal. If you didn't sign any financing documents, you must have paid cash for the car?

Answer 5

It depends on which state you live in. Some states have a cooling off period so if your unhappy you can return the car within a set amount of days. In California there is no cooling off period.

Answer 6

I agree with the one that said: If you drive it off the lot then the dealership has no obligation of taking it back.

Answer 7

buyers remorse , if you have X amount of days to return it do it !

Answer 8

YES YOU CAN!!! GO GIT IT BOY!!! They will give you a hard time but dont let them. Also check local laws and right in your area.

Answer 9

Nope.  Once you drive it off the lot, the dealership has no obligation to take it back.  You have legally taken posession of the vehicle at that point.  Some dealerships offer a 3-day return policy, but that's out of their desire to provide good customer service.

Granted, you COULD take it back to them, but it would be on a trade-in basis, and you'd likely get a couple of thousand dollars less than you paid them for the car to begin with.

Answer 10

what is with people saying " you have three days" to take a car back...no you don't.  I proved this to a guy once with my dealerships lawyer in one phone call, on speaker phone.  **People need to stop saying they have 3 days to take cars back they regret buying**...if you can..PROVE IT, but you won't...because you can't.