Can you return a vehicle that you bought recently? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with financial calculators and interactive tools as well as publishing original and objective content. This allows users to conduct research and compare information for free and help you make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and when products are featured on the site, such as for instance, the order in which they be listed within the categories of listing, except where prohibited by law. Our loans, mortgages,, and other home loan products. This compensation, however, does affect the content we publish or the reviews you see on this site. We do not include the entire universe of businesses or financial deals that might be open to you. Westend61/Getty Images
6 min read Read Published on January 31, 2023.
Written by Allison Martin Allison Martin Written by Allison Martin’s work started over 10 years prior to that as a digital content strategist. She’s been featured in a variety of top financial media outlets, such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing concise, well-researched and well-written facts that break down complicated topics into bite-sized pieces. The Bankrate guarantee
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To determine if you’ve paid an unjust amount to determine if you’ve been charged unfairly, look up the worth of cars that have similar make, model, and the same mileage or .
Your car’s monthly payments are too high you’re planning to return your vehicle because your monthly car payments are too high, you’ll have greater difficulty in 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 pay the monthly installments before purchasing the vehicle. It’s up to the dealership whether to allow you to bring back the car and trade it in to a more affordable model. Speak with the person who sold you your car in the first place. If this doesn’t work, contact the sales manager or the dealership’s general manager. If you’ve exhausted your alternatives, consider other methods to . the auto loan with an interest rate that is lower or a more extended term could lower your monthly payment. A tip from Bankrate
Use this tool to find out how much money you could save and to compare different loan options.
Your car is a lemon. If you want to build a case for returning a vehicle that does not perform as it should, you must first collect evidence of the mechanical issues you’ve encountered. It is possible to require multiple visits to the dealer’s service department. Ensure your complaints are noted in full on all repair requests. If the issue isn’t resolved then you could conclude that your vehicle is a lemon – the vehicle is beyond repair. Because laws differ between states, you’ll have to research to see whether you can be able to make a valid claim under the lemon law. In most states, laws pertaining to lemons only are applicable to new cars that have an immediate defect that affects the ability of you to drive it. Other requirements for lemon laws that vary from state states include the amount of time from the time you purchased the car, the vehicle’s mileage and the number of times that the dealer tried to fix the vehicle. You can research the laws in your state, and it outlines each state’s required actions and timeframes for returning a car under lemon laws. If you are successful in claiming, you’ll be able to secure a refund or comparable vehicle exchange. There are only seven states that have lemon laws for used cars: Connecticut, California, Massachusetts, Minnesota, New Jersey, New Mexico and New York. There are limitations, and these laws may not provide any relief for your circumstances. Tips for banks
You could be eligible for reimbursement of your attorney fees if you hire an attorney to assist in your case. Make sure you keep an eye on your legal expenses as you go through the course of your case.
You changed your mind Dealers rarely find buyer’s remorse convincing. Only a handful of dealerships have a return policy. After you’ve signed the sale contract it is your responsibility to pay the note in accordance with the terms you’ve agreed to. While the FTC offers an “cooling-off rule” — a rule where you have three days to cancel an agreement which you made at your workplace, home or temporary place of business — a purchase of a car is one of the exceptions. If a dealership offers you a car in an uncontained place, the rule applies as long as they are in a permanent place. Some states also have an “right to cancel” period which allows you to return the car within a set time period without incurring penalties or damage to your credit profile. The vehicle has to be used in the same way as it was when you bought it. Other limitations may also are also in place. Bankrate tip
Avoid this situation by researching ahead of time. Follow these for you before making a decision on a new vehicle.
The dealer you are dealing with has a return policy A few dealers have return policies. For instance, it has a 30-day return policy. If you aren’t happy with the vehicle, you can exchange it for one you would like or request the money back. In addition, some dealerships offer exchange programs in which you are given a certain amount of time to exchange the vehicle. Remember that other stipulations could prevent you from turning the car into. If you’re able to turn it in, you will likely have make payments for any difference in the current value and what the vehicle is currently worth. Bankrate tip
Always get a dealership’s return policy in writing. This way, you’ll be aware of the terms and conditions , and can navigate any attempt to deny your claim.
How to avoid having to return your car to avoid the hassle of returning a car You must prepare properly to purchase a car. This procedure . Review car reviews on the car you’re considering on sites such as . It’s also a good idea to perform price research using Kelley Blue Book or Carfax, , create an estimate of your budget and then try the car. It’s equally important to research dealerships in advance by looking up online reviews. Utilize sites such as BBB.com to ensure dealerships have a good reputation and exceptional customer service. In addition, you’ll need to conduct some research on the background and the state of repair of the specific car you’re considering purchasing. Start by looking over the history report for the vehicle through websites like Carfax or AutoCheck, where information on the vehicle can be accessed through its . If you’re purchasing a car from a dealer, ask the dealership to provide the history of the vehicle for you to review. It’s also a good idea to bring the vehicle to be inspected by an person who will give an impartial assessment of the car and any issues it might have. If the mechanic discovers mechanical issues, you can ask the seller to cover the bill for repairs. Alternatives to returning your vehicle If you aren’t able to return your vehicle? You have other alternatives. You can sell it. Through a third party it could be possible to get out of being stuck with a car you don’t want. You might be unable to recover the full amount you paid to the dealer, since a car’s value decreases when it’s taken away from the dealership. You’ll be responsible for any difference in the dealer cost and the amount that you pay for your vehicle. You can request a the repossession to be voluntary. If you are unable to afford the monthly installments then you can call the lender and request the repossession to be voluntary. Although this would eliminate your monthly payments however, you must be cautious before taking this step. A lender is still able to report the repossession to the credit bureaus. The repossession can negatively impact your score on credit for up to 7 years, which makes it more expensive to obtain a future auto loan. Refinance your auto loan. If your monthly payment is too high, you can by extending the term or securing an interest rate that is lower. When you do this, however be beneficial, the results are temporary. In fact, after some months of payments your credit score will rebound or even improv e. The bottom line Before you purchase a vehicle take some time to research the cost of cars that you like, as well as studying the dealer’s return policy and customer reviews. If you don’t do your homework, it could leave you with an unsatisfactory car. In most cases, you can’t return a car you just bought — most dealerships will not allow it. If you’re unable to return a car you’ve purchased, there are other methods to get rid of the vehicle. You can either sell it or make a lemon law claim in certain circumstances. If you are suffering from buyer’s remorse due to large payments, but wish to keep your car, you may refinance your auto loan to reduce the amount of costs.
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Allison Martin’s work started over 10 years ago as a digital content strategist, and she’s since been featured in a variety of top financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances by providing precise, well-studied information that break down complex subjects into bite-sized pieces.
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