You've finally done it. You've saved enough money and are ready to buy your first car. You do your research, test drive a few options, and finally settle on the perfect one. But then, a few days later, you start to have doubts. Is this the right car for you? Can you return a new car if not?
Luckily, there is such a thing as a cooling-off period when it comes to new car purchases. This period allows you to change your mind and return the car, no questions asked. But there are a few things you need to know before you take advantage of this option. Learn everything you need to know about returning a car. From the legalities of it to how it’s done, we’ve got you covered.
The Car-Return Process
Many wonder, can you return a financed car back to the dealer? Assuming you have a good reason for wanting to return the car, the process is quite simple. First, you'll need to talk to the dealership where you purchased the vehicle and explain your situation. They may require you to bring the car back for an inspection or complete some paperwork. Once they have all the information they need, they will be able to process your return and refund you for the car's purchase price.
Of course, a few things to remember when returning a car. Most dealerships have a time limit for returns, usually around 30 days. And if you've driven the car more than a few hundred miles, you may be responsible for depreciation fees. So it's always best to consult the dealership before returning your car.
Reasons Why You Might Return a Car
There are several reasons why you might return a car. Perhaps you bought it and then found out it had hidden damage that was not disclosed to you at the time of purchase. Maybe you changed your mind about the car and now prefer something else. Whatever the reason, there are a few things to keep in mind if you're thinking about returning a car.
First, check your state's laws on returns. Some states do not allow returns or only allow them under certain circumstances. If your state does allow returns, make sure to do so within the specified time frame; usually, this is within 3-7 days of purchase. You will also need to have all original paperwork and any keys and manuals that came with the car.
Next, contact the dealership where you bought the car and let them know you want to return it. They may ask for your reasons and try to talk you out of it, but be firm if you've made up your mind. If they agree to take back the car, they will likely inspect it for damage and may charge a restocking fee; be prepared for this possibility.
Finally, keep in mind that returning a car can negatively affect your credit score, so only do so if necessary. For the most part, it is not possible to return a financed car without a penalty of some sort.
How to Return a Car
When you purchase a car, you usually have a set period of time in which you can return the car for a full refund. This period is typically between 24 and 48 hours, but it can vary depending on the dealership. If you decide to return the car, you will need to bring it back to the dealership with all of the original paperwork. The dealership will inspect the vehicle to ensure it is in the same condition as when it was sold, and then they will process your refund.
The Consequences of Returning a Car
One of the consequences of returning a car is that you may have to pay a restocking fee. The dealership typically charges this fee when a customer returns a car within a certain period of time, usually within three days or less. The purpose of the fee is to cover the cost of putting the car back on the lot and making it available for sale. In some cases, the dealership may also charge a usage fee if the vehicle was driven more than a certain number of miles.
Another consequence of returning a car is that you may not be able to get your total purchase price refunded. This is because dealerships will often charge a "market value adjustment" fee if the car's value has decreased since you purchased it. For example, if you paid $20,000 for a vehicle and its value has been reduced to $18,000 by t he time you return it, the dealership may only refund you $18,000.
In addition, if you financed your car purchase through the dealership, they may require that you pay off the remaining balance of your loan before they will process your return.
Finally, remember that returning a car can be stressful and time-consuming. You will likely need to schedule an appointment with the dealership and be prepared to answer questions about why you are returning the car. Be sure to have all paperwork related to your purchase ready to present to them.
How to Avoid the Hassle of Returning a Car
If you're thinking about returning a car, there are a few things you can do to avoid the hassle of going through the process. First, make sure you have a valid reason for returning the car. Second, read your contract carefully and understand the return policy. Third, talk to the dealership where you bought the car and explain your situation, and they may help you work out a solution without returning the car. Finally, if you do decide to return the car, be prepared to pay any fees that may be associated with it.
What Happens After You Return a Car?
The process will vary when you return a car, depending on the dealership and your agreement. In some cases, you may be able to hand over the keys and be done with them; in others, you may need to go through a more detailed process.
The first thing you'll need to do is talk to the dealership where you purchased the car. They'll be able to tell you their specific process for returning a car. In most cases, you'll need to bring the car back to the dealership and fill out some paperwork.
Be sure to have all your documentation in order before returning the car. This includes your purchase agreement, loan paperwork, and other relevant documents. You'll also need to have a valid reason for returning the car. Some common reasons include not being able to afford the payments, not liking the car, or finding a better deal elsewhere.
Once everything is in order, you'll sign over the rebuilt title of the car to the dealership, and they'll take care of the rest. Remember that returning a car can negatively impact your credit score, so be sure to weigh all of your options before making a decision.
Reach Out to GoodCar to Learn More
If you find yourself asking, can I return a car I just bought, then know that you can if you’re willing to jump through a few hoops. Whether you're returning a car because you don't like it or because it's not the right fit, there are a few things you need to know. First, most dealerships have a return policy that allows you to return the car within a certain number of days (usually 3-7). However, there may be fees associated with returning the car, so check with your dealer beforehand. Additionally, you will likely need to have all the paperwork in order before returning the vehicle. Once everything is squared away, returning a car is relatively simple and stress-free as long as you know what you are doing.