With car purchases, you need to be doubly sure about your decision before signing the contract. That's because once you leave the dealer's lot, you won't be able to cancel the agreement and return the car.
There is still some confusion in buyers' minds about the 'cooling-off' period, which allows buyers the time to change their minds about a purchase they have made. However, this is not really true for all new cars.
If you are thinking, "Can I back out of a car deal after signing a bill of sale?" then read this article to know what your options are.
When can contracts be canceled, and can a buyer cancel a car dealership contract?
There are only a few circumstances that could allow the cancellation of a new car purchase agreement, and one of those is if the dealer has agreed to a conditional sale, which is also known as a 'yo-yo' sale.
In this case, the dealer allows you to take the car after you sign a purchase contract but before it has received final approval from a third-party lender who they are trying to sell your loan. If the lender denies financing, the dealer will cancel the contract.
As a buyer, it could be almost impossible to return or cancel your contract once you have signed the contract for a new car.
Cooling off rule does not apply to new cars.
Cars experience a sharp fall in value when driven off the dealer's lot. If car dealers allow a cooling period for even a short period, they would be selling cars at a far lower rate which could be a loss for them. Hence, the 3-day cooling-off rule doesn't apply to purchases of new cars.
When a buyer might have a case for return
If a dealer intentionally used false advertising to mislead the buyer into purchasing a car or didn't disclose the exact price or terms of financing, misrepresenting the vehicle history or condition, or fraud of any other kind, `you could return the car for a full refund. You can directly discuss these issues with the dealership and find a solution. However, if the dealer is playing hard and creating problems for you, you might require the help of a competent attorney.
Conclusion
It is far more difficult to return a new car to the dealership in most cases than returning a used car. Dealerships that sell used cars might even advertise return policies to find potential buyers for their cars.
If you think that a dealership used false advertising in selling the car, you could file a case for misrepresentation. Contact Allen Stewart attorneys for assistance with auto-fraud and misrepresentation cases.
Andrew Richardson is the author of this Article. To know more about Law Auto Sales please visit our website: allenstewart.com