You may be wondering if you can return a car you just bought to the dealer after financing it through them. The answer isn’t straightforward, but we’ll explore all of your options and their consequences.
It’s always been a dream for many people-to drive off in style with their very own vehicle; however, there are some things to consider before jumping headfirst into buying an expensive car without knowing much about how things work at dealerships.
Reasons For Returning A Car
Can you return a financed car? Yes, but it’s important to be aware that the process may not always go as smoothly as you’d think. Here are some things to consider:
- Repossession is not an option for you, and the monthly payment is making it hard. You can’t afford to make those kinds of loan payments anymore!
- The minute you buy your new or used car, you realize it’s a lemon. “Lemons” are cars that don’t work and cost more to fix than they’re worth. Note that lemon car laws vary per state, so be sure to read up on your state’s lemon law and see what options are available.
- You regret buying the car and are looking for something more affordable.
- The car is no longer needed, so you decide to take the car back to the dealer.
- You’ve had a change of heart about the purchase. You’ve got buyer’s remorse and you don’t want to be stuck with a car you don’t like.
If you still need a car but can’t afford the monthly car payments that are on your loan, consider trading it in for an affordable model pr vehicle. You’ll have payments with no risk of depreciation or loss because there was already some financial investment when buying this second-hand vehicle – and at least now they’re going towards something worth driving!
Can You Return A Car Back To The Dealership?
There are a lot of things that you should keep in mind before deciding to return your car. You may want to find out if the dealership and talk to the general manager if they can help with any temporary financial problems and allow for skipped payments or late fees in order to uphold your auto loan while waiting on money from somewhere else, like an insurance settlement after an accident – this way they’ll have more incentives than just getting paid back entirely through sales revenue alone.
If you went with buying a car through an auto dealership, it’s important to know their return policies and any rules that may apply. You can do your own research on your dealer’s policies to see if this can apply to you.
A lot of times there is some type of time limit on how long consumers have in which they let you return the car back after purchasing without incurring fees or interest rates charged by banks.
Handing over cash to avoid the repossession of your vehicle is not an uncommon occurrence.
Dealers will sometimes accept returns if they are necessary and it’s important for buyers that this happens with careful consideration because even after just one month of owning a car, you may still owe more on its value than what has been paid back thus far which could lead into handing over money as collateral instead – especially considering how quickly things depreciate in today’s economy.
Alternatives To Returning Your Car
If you think that the dealer is preventing a return because of your car’s depreciation or lack of coverage by their company and you’re looking for a last resort, here are some alternative options you can keep in mind:
Refinance Your Auto Loan
If your car loan is too much of a burden, consider refinancing it to get a lower interest rate. You may be able to save money and potentially reduce the amount you pay each month. It’s important to consider the new loan term, but be aware that if you refinance into a longer car lease or purchase agreement your monthly payments may go down.
You’ll also have more interest costs on this type of financing than with shorter-term loans because it is prone to increases in some areas such as fees and taxes which can push up what would otherwise seem like good rates at first glance.
One way to get rid of your car loan is by selling the vehicle and using what’s leftover as payment. You won’t have any cash tied up in this transaction, but you will still owe an amount for which there may not be much value.
Have Someone Else Assume Your Loan
The buyer of a used car would need to be able to furnish their own financing and have solid credit before they can take over the car loan from the dealership.
If not, this may mean that option isn’t available because it’s difficult if you don’t already meet these requirements when buying something else like furniture or appliances.
Carefully read your loan agreement to see if it includes a provision allowing someone else to take over payments on the car.
The Bottom Line
If you’re struggling to make ends meet and can’t afford the monthly payment on your car, there are several alternatives. Always remember you can avoid a lot of headaches and potential damage if you recognize the problem quickly. At the very least consult with a lemon law attorney about your options.