Options for Canceling The Purchase of a Car
Buying a car is one of the biggest purchases a consumer can make. And when the wrong purchase is made, it can also rank among the most regrettable. There are ways to cancel the purchase of an car; however, different dealers have different policies, so check each dealer individually to see what, if any, terms it has for cancellation after a transaction has already been made.
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Peruse the Contract
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The dealer-buyer contract features every agreement, loophole and possible way out of a car purchase imaginable. Sometimes, such an "out" doesn't exist. Other times, it does. Before driving back to the dealership and explaining the situation, check out the sales agreement. State laws vary, but some allow a "cooling-off" period of a few days during which a buyer can return an automobile to the dealership. Certain fees may apply in this case, but for those who qualify, this will allow the return of a purchased automobile.
Check With the Dealership
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Those with buyer's remorse should consult with the sales associate who sold them the car and explain the situation. Considering this sales associate more than likely made a commission of this sale, and the dealership in turn made a profit as well, it's doubtful the dealership will simply take the automobile back free and clear. However, it may have policies in place that allow the return of a previously purchased car should certain conditions and terms allow it.
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Other Options
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If the dealer does agree to take back the car, check with the company that financed the transaction to see what, if any, fees apply to such a return. More often than not, dealerships will not take a car back free and clear. Rather, they'll often offer to buy back the car for its listed value, which considering the car has already decreased in value since being driven off the lot, is far less than what a consumer paid.
On that note, check into selling the car independently through a trade magazine or website. This won't ensure that you get all their money back from a car purchase, but it might offset some of the difference.
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References
- Photo Credit Red cars image by Catabu from Fotolia.com
