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6 minutes read. Published January 31, 2023
Written by Allison Martin Written by Allison Martin's work began over 10 years prior to that as a digital content strategist. She's been published in numerous prestigious financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee
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There are money-related questions. Bankrate has answers. Our experts have helped you understand your money for over four decades. We are constantly striving to provide consumers with the expert guidance and the tools necessary to make it through life's financial journey. Bankrate adheres to strict standards , so you can trust that our content is honest and accurate. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the best financial decisions. The content created by our editorial staff is factual, objective, and not influenced from our advertising. We're transparent about how we are in a position to provide quality content, competitive rates and useful tools to our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products or services, or through you clicking specific links on our site. This compensation could impact how, where and when products appear in listing categories, except where prohibited by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, like our own proprietary website rules and whether the product is offered in the area you reside in or is within your self-selected credit score range could also affect how and when products are featured on this site. While we strive to provide an array of offers, Bankrate does not include details about every financial or credit product or service. If you've purchased a brand-new or used car and have second thoughts about it, typically, you won't be able to return the vehicle. The dealer who sold you the vehicle is generally not legally required to return it and give you a refund or exchange once you've signed the sale contract. There are some exceptions to this rule. Some dealerships will allow you to return your car in specific conditions. If the car has major mechanical issues, the dealer might be obliged by law to allow the return. However, it's best not to have to return the vehicle in the first place. The reasons to return your vehicle Apart from buyer's remorse reasons to sell your car include financial or mechanical issues. The dealership may be willing to work with you if you cannot make the payments. With mechanical issues and/or mechanical issues, the ability to return the car to the dealer will depend on how and the terms and conditions of the vehicle return policy. You got ripped off If you feel like the is the case, it's worth a visit with the dealer manager. If you do meet to discuss the matter, be sure to bring documents to support your claim that you were wronged. For instance, if you believe the dealer overcharged, present proof of the vehicle's fair market value from a reliable authoritative source (like Edmunds or Kelley Blue Book) to back up your argument. Then, present your case to the manager calmly. Be aware that, since you've signed the contract, your options are limited in the event that the manager decides not to comply with your request. You can also contact the office of your state attorney general to discuss your options. Make a complaint to the Better Business Bureau. Hire an attorney to bring a lawsuit against the dealership. Review a negative experience on the website of the dealership. Make a complaint to the consumer protection agency in your state as well as the Federal Trade Commission. Tips for banks
To find out if you've been charged the wrong amount, you can look up the price of vehicles with similar make, model, and similar mileage on or .
The car's payments are too high If you want to return the car due to monthly car payments are too high, you'll have a harder time convincing the dealer to let you return the car. The general manager of the dealership might claim that you should have figured out whether you can afford the monthly payments before purchasing the vehicle. It's the dealership's decision whether they will allow you to bring back the car and exchange it for something more affordable. Talk to the salesperson who sold you that car initially. If that doesn't work call the sales manager or the general manager of the dealership. If you've exhausted your possibilities, you can look at alternative options to . Your auto loan with a lower interest rate or a longer term can lower the monthly cost. Bankrate tip
Use an to see how much money you could save and compare different loan options.
The car you own is a lemon. If you want to build a case for returning a car that doesn't work properly, you should first gather documents detailing the mechanical issues that you've faced. It may be necessary to make multiple trips to the dealer's service department. Ensure your complaints are noted in full on all repair requests. If the problem still isn't resolved, you may determine the car is a lemon, an unfixable vehicle. Because laws differ from state to state and state to state, you'll need to do some research to determine if you are able to be able to make a valid lemon law claim. In most states, the lemon law apply to vehicles that have an issue that seriously affects your ability to drive it. Other requirements for lemon laws that differ from state to state include the length of time after purchasing the vehicle, the mileage of the vehicle and the number of times the dealership attempted to fix the vehicle. It is possible to find the laws in your state, and it outlines each state's required actions and timeline for returning a car in accordance with lemon laws. Upon a successful claim, you'll be able to get a refund or similar exchange. Only seven states have lemon laws applicable to used cars: Connecticut, California, Massachusetts, Minnesota, New Jersey, New Mexico and New York. There are limitations, and these laws will not give much relief in your situation. Bankrate tip
You may be entitled to reimbursement for attorney fees if you hire an attorney to help make your case. Keep the track of your legal costs during the course of your case.
You changed your mind Dealers rarely find buyer's remorse convincing. Few dealerships have a return policy. After you've signed the sales contract it is your responsibility to pay the note in accordance with the terms you've agreed to. While the FTC includes an "cooling-off rule" which is a law that gives you the right to cancel within three days a purchase made at your office, home, or temporary place of business -- a purchase of a car is one of the exceptions. Even if a dealership sells you a car in an uncontained place, the rule applies as long as they are in a permanent place. Some states also have the "right to cancel" period which allows you to return the car within a certain time frame without incurring penalties or the damage to your credit report. However, the vehicle must be in the same condition as it was when you purchased it. Other limitations often are also in place. Tip for Bankrate
Try and avoid this scenario by conducting research prior to the time. Make sure to follow these guidelines prior to signing off on a new vehicle.
The dealer you are dealing with has a return-policy few dealerships have return policy. For instance, it has 30 days of return time. If you aren't happy with the vehicle, you can exchange it for one that you like , or receive a refund. Additionally, certain dealerships offer exchange plans where you can only have a specific amount of time to exchange the vehicle. Remember that other restrictions could keep you from turning the car in. If you're able to turn it in and sell it, you'll have make payments for any difference in the value currently and the value of the car currently worth. Bankrate tip
Always request a dealership's refund policy in written form. This way, you'll be aware of the terms and conditions , and can withstand any attempt to reject your claim.
How to avoid returning the car if you wish to avoid the difficult process of returning your car You must prepare properly for the purchase of an automobile. This procedure . Check out reviews of the car you're considering on sites like . It's also a good idea to perform price research using Kelley Blue Book or Carfax and then create an estimated budget, and try the car. It's equally crucial to research dealerships prior to purchase by reviewing online reviews. Make use of sites such as BBB.com to ensure that dealerships have an excellent reputation and provide top-quality customer service. Finally, you'll also want to research the background and condition of the specific car you're considering purchasing. It is possible to begin by looking up the history report for the vehicle on sites such as Carfax or AutoCheck, where information on the vehicle can be accessed using the . If you're buying a car from a dealer, ask the dealer for the history of the vehicle for you to review. It's also a good idea to take the car for a thorough inspection by a professional who can provide an unbiased assessment of the car and any issues it might have. If the mechanic discovers mechanical problems, ask the seller to cover the repair costs. Options for returning the vehicle You aren't able return your vehicle? There are still options. Sell the car. If you sell it to someone else you could be able to escape having a car that you do not like. You may not be able to recoup the full amount you paid the dealer, since a car's value decreases once it's driven off the car lot. You'll be responsible for the difference between the dealer price and the price you pay for your vehicle. Ask for an informal repossession. If you can't afford the monthly payment You can contact the lender and request the repossession to be voluntary. Although this would make your monthly payments non-existent but you need to be cautious before taking this action. A lender can still report the repossession to the credit bureaus. Possessions can affect your score on credit for up to 7 years, making it more expensive to get a new auto loan. You can refinance the auto loan. If your monthly payment is too high, you could do so extend your loan time frame or getting the lowest interest rate. Although this is a step that will , the effects are only temporary. In reality, after only some months of payments your credit score will be restored or improved. The main point is that before you purchase a car make sure you do some research on the price of cars you like and studying the dealer's return policy and customer reviews. Failing to research could leave you stuck with a car. Most of the time you aren't able to return a vehicle you've purchased -- the majority dealerships don't permit the return of a vehicle. If you're unable to return a vehicle however, there are other options to get rid of it. It is possible to sell it or make an action under the lemon law in certain circumstances. In addition, if you suffer from buyer's remorse due to high payments but want to keep your car, you can refinance the auto loan to reduce the amount of costs.
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Written by Allison Martin's work began more than 10 years ago, as a digital content strategist and she's since been published in a variety of top financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances by providing concise, well-researched and well-researched content that break down complex topics into manageable bites.
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