I was pressured into buying a car, BAD CHOICE. Help?

Question

I signed a bunch of papers at a dealership for buying a used car. My parents arent going to sign on with me so I now find myself w/ no finance help from my parents and I'm draining pretty much all my college savings for a used car! I know, stupid me. Is there any hope? I havnt made a downpayment yet and I dont have any credit so hopefully the bank will turn me down for a loan? only problem is I do have the amount as of right now but its for college!

Any advice is well appreciated. THANKS!

Answer 1

Don't let people pressure you into buying a car just because they want you to. The decision is yours. This is a free country.

Answer 2

You didn't actually buy a car yet.  Until you sign the finance papers, you are fine.  If you are concerned you cannot afford the car, then call the guy and tell him you can't get it.  You are under no obligation to take delivery of the car yet.

Answer 3

Your ONLY hope is that your credit doesn't go through. Your add'l comments state you drove the car home, and you already mentioned that you signed papers.

The car's yours. You can try to go in on Monday and plead with them to let you out of the deal, but they don't have to (legally).

Steve-  not sure where that "you have 30 days or one billing cycle to back out" comes from. That does not apply to vehicle sales of any type.  

Answer 4

Depends on what you signed and if you gave them any money.. Most dealerships want a cash deposit to start any paperwork or a p+s agreement. If you back out of the deal, they keep the money. If you havn't put anything down on the car, you can just walk away. Call the dealership and tell them,.... well tell them anything you want. They lie to customers all the time. Say you found a better deal elsewhere and won't be buying from them, or tell the truth, you have no credit, you just lost your co-signer and you don't wan't to pay huge intrest, so the deal is off. There is not much they can do about it

Answer 5

Why would you apply for a car if you can't afford the payment? You sound like a big, fat mooch to me.  You can't wait for your mommy and daddy to take care of everything.

Answer 6

If the dealer is arranging your financing with a bank or loan company, your deal will probably be rejected if you have no credit.

If the dealer is a buy-here-pay-here dealer who does his own financing, he doesn't care that you have no credit. He'll charge you the maximum interest allowed by state law.

I don't know what you signed, but if you haven't made a down payment and haven't picked up the car, you should just cancel the deal. The dealer may scream but there's nothing he can do.  

Answer 7

I signed a bunch of papers at a dealership for buying a used car.

Then you bought a car.  All you can hope for is that your credit won't fly.