you only have 30 days to return for free
You cannot return a car you have purchased. If you do they will just put it in storage, charge you for everyday it is there, and then the lender will repossess the car for non payment of the loan. They will sell the car and you will then have to pay for the storage fees, repossession fees, and the difference in what the balance on the loan was and what they sold the car for. Bottom line is that you bought the car, you own the car, and you are stuck with the car. Don't like it then sell it. There is no cooling off period on the purchase of a vehicle.
That is a voluntary repossession...not a good idea in the long run. The bank will wholesale the vehicle at an auto auction, apply the proceeds (less selling expenses) to the loan and you still owe the balance. Plus it goes on your credit report. If the car has a retail value in excess of the loan balance, you will be far better off selling the car yourself and paying off the loan. You still have no car...but no car payments and no bad credit report. Even if the car is worth slightly less than the loan balance, you'd come out thousands ahead if you sell it and find the rest of the money to pay off the loan.
Have the car voluntarily repossessed. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and can't recover. If you decide to return the car, the finance company may pick up the vehicle or it may require that you return the car to its location.
If the car is on a loan, you can return the car to the creditor that has granted you a loan on it. If you have paid off the car or bought the car paid off then you can't return the car to the dealership or owner unless it states you are allowed to do so. I tried returning a car that I paid off and was allowed to return it because it did not follow the lemon laws. If it had no problems, then no I couldn't return it and get my money back on it.
I'm not sure if this is valid in every state, but I believe that if the car is sold at an auction, you will still be liable for the left over balance. If the car is sold at an auction and the sell price covers the balance of the loan then, I don't think you will need to pay anything else. Maybe some fees for the repo. I "think" this is how it works
Nelson, they would have a couple of real goofy options.1. they could refinance the new car and include the balance of the old loan for a HUGE total.2. they could be the SECOND leinholder on the new car somehow. I guess they would have to loan you money to pay the old balance and take the new car as collateral.Neither of these options look realistic, but who knows??
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