Edmunds Answers

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  • avatar colin_l 08/11/09 9:49 am PST

    Reading everything you've written, yes, it may be possible to back out of this deal. As you already guessed, it does depend on exactly what has already been signed and it might even depend on your state's laws: A few states have a 3-day buyer's remorse clause that will let you out of fully completed paperwork, less fees for reasonable use of the vehicle.

    If she is able to back out, the deposit should be refunded unless it was specifically noted in paperwork that the deposit was non-refundable. Which is pretty unlikely...

Answers

  • aprilsmom 08/11/09 6:38 am PST

    Me again, Aprilsmom, I forgot to add, our daughter did put $400.00 down on the car, using her debitcard and also her credit card. IF the deal is not final, will this money be refunded? Thank-you.

  • colin_l 08/11/09 9:49 am PST

    Reading everything you've written, yes, it may be possible to back out of this deal. As you already guessed, it does depend on exactly what has already been signed and it might even depend on your state's laws: A few states have a 3-day buyer's remorse clause that will let you out of fully completed paperwork, less fees for reasonable use of the vehicle.

    If she is able to back out, the deposit should be refunded unless it was specifically noted in paperwork that the deposit was non-refundable. Which is pretty unlikely...

  • jb_turner 08/11/09 11:13 am PST

    "A few states have a 3-day buyer's remorse clause that will let you out of fully completed paperwork"

    FALSE! no buyers remorse for newcars in ANY state....

  • Stever@Edmunds 08/11/09 12:04 pm PST

    Most all the car dealers on the CarSpace Forums say the deal isn't done until the car is driven off the lot.

    And I agree that there's no cooling off period for buying a new car, although NJ has some oddball rule about time to read a contract when you lease one.

    What's the cooling off period to back out of my car purchase?

    Unwinding the Deal — What Are Your Rights?



    Backcharging your credit card is easy enough to do, but I've never tried to backcharge anything on a debit card. Best call your bank about that.

    Source: 

  • mitchflorida 08/11/09 1:08 pm PST

    She should at least have a reason for cancelling the car deal after she has gone through all the paperwork. The excuse "I didn't know I had to have full insurance coverage" sounds kind of lame. She may have a hard time getting back her deposit. They can hold onto that until she goes to small claims court.

  • colin_l 08/11/09 1:48 pm PST

    I did a little digging. My state has 3 day return on used cars, not new. My mistake!

  • longtimecarguy 08/11/09 2:03 pm PST

    The only thing that would make them not complete all of your paperwork at the time of sale is not actuallu having an approval from the bank. Dealers "lock" a deal up as quick as possible since there is no "buyers remorse" law. A contract is a contract. They may change the terms of what they originally offered you and in all likelyhood not for the better. They can tell you anything they want to get you to resign new paperwork but you don't have to, ever. For that matter you don't have to sign the documents left that would "finalize" the deal. If you need to get nasty you can contact the bank on your contract and tell them you are not going to pay for the car and have told the dealership that and they won't approve the loan. No matter what you do, do not take delivery of the car, don't get in it again. Don't even go back to the dealership. You can contest any charge to your debit card if it has the Visa or M/C logo. First ask the dealership for a refund since it will be the fastest way to get back your deposit if they agree. They may take their time refunding it, don't wait more than a few days before contesting it with your bank. If you (your daughter since it is her card) did not sign anything saying non-refundable deposit then they should give it back. Dealerships are in the business of selling cars, not letting you out of a perceived contract is a part of the business. If your husband takes one step forward when they ask him to your sunk, especially if he forget's his glasses (he might as well stay home).

    Now... These guys have worked for you and they work for straight commission. No sale, no pay. It's thier job...who cares...They do! Your not buying so don't expext them to play nice. NOBODY likes to work for free. That's what you have done when you act like your interested in a car, have them go through the steps, then change your mind. Would you go to work for someone for free? It kind of sucks!

  • glowbug 03/13/10 5:02 pm PST

    if you only signed papers seeing if you could get finacing you have not signed a contract and should not be under any obligation to buy

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