Buying a Used Car and Now I want to return it?

Was there a big Wal Mart sign in front of the dealership? Once you sign the contract, the car is yours. You can not return it. The 24 or 48 hour return time is a myth.

You should have considered this BEFORE you signed these purchase and loan contracts.

You may not be totally screwed. See if there are any penalties for paying off the loan early. If there are no excessive penalties, you still have a chance. Try going to your local bank or Credit Union and see if they will give you a loan for this car. If yes, you can get the loan from the bank or credit union, pay off the dealer, then pay the bank or credit union instead.

You are paying roughly 25% interest on this car. Ouch. The going rate on a used car loan is about 10%. If you can get a loan from a bank or credit union at 10% interest or less, this would reduce your monthly payments by almost $100 per month on a 5 year loan. Your actual interest rate from a bank or credit union will vary by the individual bank or credit uninon and your credit score. Or better yet. Change this to a 48 month loan and your payments will be about $305 per month.

In general, the shorter the time you can get the loan for, the more money you will save on interest. They generally give a better interest rate the more you reduce the time of the loan.

Mad Jack is assuming that you will be able to get a substantially better interest rate at your bank or credit union. That is a slim possibility (remember, I said "substantially". I can't calculate your interest rate because I don't know how much you put down, but I'm guessing it's fairly high. Your total payments of $26,000 has nothing to do with the selling price of the car. You could have bought the car for $12,000 but you decided (or had to) finance it. The difference is the interest you will be paying to the lender who lent you the money, not the dealership.

You can try to bring the car back. It will all depend on the good graces of the dealership. But you need to do it today, before the loan contract is cashed (sent to the lender for payment).

UPDATE: Brian W. says he got a 13% loan after a discharged BK on a NEW car. NEW is the key word here. You will always get a better rate on a new car compared to a used, like the asker did.

Sorry bud most states do not have no rescission rights. You might want to check your contract, I know my state don't have them. I hate to be the bearer of bad news but most likely you are stuck with it for a year or two then attempt to trade in, sell, or refinance. This is way it is CRUCIAL to read the paperwork BEFORE you sign, Because once you sign, the car is yours unless the bank rejects the terms of the written contract. Always, always, always buy a car on the price of the car, and what interest rate you are paying, and NOT the payment amount. The dealer gave you a crap interest rate. I just bought a brand new car literally 14 days after being discharged a chapter 7 bk and got 13% on a 26k car, which is around $13k in interest over the life of the loan. So if your credit was half way decent, there is no way you should of been paying that high interest. I knew I would NOT be getting a top tier interest rate, so I was expecting to get a high rate, but I protected myself from getting reamed by the dealer. They originally wanted 18%, but I got them down to 13.24% after negotiations.I got the car for $1500 off because of getting a discount from my employer, then I negotiated the interest. By the way my score was 592 just two weeks after a bk discharge. Although I kept the mortgage through the bk so that helped my score. I kept the house because the payment is less than most apartment rents in my area.

One of the dealer's trick is asking you what is monthly payment that is at comfortable range for you, then they calculate it in a way that it will add up to the total in months that you want to pay. They promised you of low interest rate but it is a highway robbery.Most of these guys are modern thieves and they sleep at night with no problem at all. You should have asked what is the interest rate you are getting.If you look on the contract that you signed you will see the interest rate you got.It's probably around 15-20%.Unfortunately you can't return the car. You can try to fabricate a story that lost your job and could not afford the payment any longer. If you're stuck with it, you can have it refinance from your credit union or other financing company that offers a lower interest rate.Good luck.

You don't get to return the car. You should have looked at the contract before you signed it. Now it's too late. There's no right to return a vehicle, not even the next day. Too late to renegotiate, too.

That's how interest works moron!!! WTF??!!!

Let me guess...you have sh!tty credit and want a decent interest rate?? Am I close?? I'm sure I'm spot on! Well, decent rates are reserved for people that actually pay their bills.

Too late now. It's your car. Better get a second job or whatever. This is no one's fault but yours. PERIOD!!! End of conversation.

The dealership did nothing wrong. I guess you should have read the contract better before leaving. Now?? Tough sh!t!

It amazes me the amount of people who purchase cars and don't realize there is interest even when the paperwork is right in front of them.

They don't have to take it back.