Can I cancel the sale of a new car I signed for yesterday?

[3wksleft]

My husband and I went to a dealership last night and bought a car, however we greatly regretted the decision shortly after we got home. He's at the dealership right now with his brother trying to get out of the deal but is having a hard time. We have not done any paperwork for the finances yet. Is it still possible to cancel the sale?

[djaca70]

Sure they should.

[hotjenn09]

most likely you have 30 days to return it

[oklatom]

They could.  But once you have signed, that really commits you to the deal.  If you made any down payment, you could have a hard time getting that back.  So the answer is, it depends on what the dealership is willing to do.

[Question-n-Learn]

Once you drive it off the lot, you can not change your mind without burying yourself in debt.  The car dealer will LOVE to trade in a car you just bought yesterday and put you upside down in debt for another one.  The car dealerships thrive on impulse decisions for expensive items.  Its how they make their money.

I hope your husband doesn't take some crazy trade in deal.  You have to keep this car for at least a year because at this time you owe more on it than itis worth.  A new car depreciates nearly 50% when you drive it off the lot.  It's unfair but legal for them to do that.

It's especially unfair that our tax dollars are about to bail out the cheating car industry.   I hope new laws will be made that will make this type of business action illegal but I'm not holding my breath.  The consumer is the loser in most car deals.

[Grainov Truth]

Yes, since it was last night, it is very doubtful that the dealership can say "we had to let numerous other potential customers go" because the car was sold; so you should pay a penalty.   (They'll try to scam some money any which way they can)...even if it is just bull, and they are out to get beer money.

[emt3992]

Yes.  I purchased a vehicle once, signed, even had temp registration and insurance and they told me bring it back tomorrow to have it detailed. When I returned I informed them I was not happy with the payments and needed to speak to them. They went in the back and talked, came out and said give us the keys, heres the keys back to your old vehicle. See u later. Pretty much saying take it or leave it. I gave them the keys and left in my trade never looking back.

[imajun09]

I was in the same situation as you, we had buyer remorse and my understanding was, in most states, once you sign and drive off it's yours. However since they don't have all your finances then don't give it to them. They will try to say that we are going to investigate fraud.. blah blah, however I checked with the local PD and they said not to worry about it, it would cost too much for what it's worth for the dealership to do it, not to mention there time. So I had the car for a week before they called me and said please return the car. I offered to give it back the next day but they insisted on me keeping the car. However they came to realize that no bank would give me the loan without the documents required. So now they are stuck with a used car, and I got my trade in back. I had to go to the GM's office and sign some papers. They wanted to make it seem like they were doing me a favor and taking back the car so I could buy with them again, however the salesman was a friend of my cousins' and he said no way they couldn't get the deal financed and were pissed off. So just tell them that you are not handing over any financial documents ie. pay stubs or bank info and they will be calling you for the car back.