What could the consequenes be if I stop payment on a check for a down payment on a car that I want to return?

Question

I purchased a car and they are holding a check till the 3rd and I have only had the car for a week, I did sign the paperwork, but the car is not what it should be, can I stop payment on the check (down payment) and return the car now?

Answer 1

different states have different laws on this type of thing

Answer 2

They will be going after you for the amount of the check, plus any associated collection fees. It sounds like you didn't check it out before buying. It is your car now, despite whether you like it or not. Use this as a learning experience.

Answer 3

If they are "holding" the check, it likely means that they are using a check guarantee service. This is kind of a cross between a electronic check and a short term loan guarantee for the dealer.

The short answer is that I believe that you will find that you cannot "stop payment" on the check. The funds are already guaranteed. The "loan" company will demand payment - no matter what...

Better to take it up with the dealer, and have them make good on the car that you now "own".

Answer 4

No, you signed a binding legal contract. If the car is "not what it should be", who's fault is that? It's yours. It is the responsibility of the buyer to determine the condition of a vehicle before you buy it. Unless the dealer gave you a written return privilege, you have no right to return the vehicle.

Answer 5

you signed the paperwork so i think you may have bought the car look over the paperwork and see if there is a grace period to return the car

You might want to even consult a attorney here before you take the next step

goodluck

Answer 6

discuss it with the dealer ....do not just cancel payment on the car and keep it...that is fraud

Answer 7

I wouldnt stop payment on the check.

You may find yourself arrested for check fraud.