Can you return a car right after you buy it?
In California, the consumer’s right to return a vehicle must occur by the close of business within two days, or within the time-frame allowed by the contract, without exceeding the miles permitted in the agreement. However, if any of the contract standards were violated, the dealer may refuse the return of the vehicle.
The dealer who sold you the car is usually not legally obligated to take the car back and issue you a refund or exchange after you’ve signed the sales contract. Some dealerships may allow you to return the vehicle if you’re unsatisfied or if the car has major mechanical issues, but only under special circumstances.
Can you return a financed car the next day?
The standard California car contract only allows the dealer 10 days to find financing. The only thing the dealer can do is take the car back, refund you 100% of your money, and return your trade-in vehicle, if you had one. The dealer cannot charge you for mileage.
What happens when you return a car to the dealer?
As soon as you drive off the lot, you already owe more on the loan than your car is worth. When you find yourself unable to make your car payments and ultimately choose to return the vehicle to the dealer (which is known as voluntary repossession), the dealer usually turns around and attempts to re-sell the vehicle.
What happens if a dealer cancels a purchase contract?
If the car dealer cancels the purchase contract with 10 days, you are obligated to return the car, and the car dealer must give you back any down payment or trade-in that you gave with the purchase. The car dealer cannot cancel the purchase contract after the 10-day period has expired.
What happens if I give my car back to the lender?
If you return the car to the lender, the lender will likely sell it. It will apply the proceeds of the sale to your car loan balance, after reimbursing itself for the costs of sale and certain fees. Often the sale proceeds are not enough to cover your loan balance; the remainder of the loan amount is called the deficiency.
Can a car dealer force you to sign a second contract?
A car dealer cannot force you to sign a second contract. If the car dealer cancels the purchase contract with 10 days, you are obligated to return the car, and the car dealer must give you back any down payment or trade-in that you gave with the purchase.