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So yes I'm back here again. I asked a Q about buying a car earlier, and of course, my idiot self went to a dealership and let them talk me into an outraegeous price and interest rates. I went in last night, walked out at 7pm with the car. I told them I didn't want to pay the $250 down payment yet, they told me they could give me a few days to pay it. But I did sign the sales contract and they did the financing through Capital One. I'm having serious regrets about this car, and on top of that I just lost my job this morning, that's mainly why I regret jumping the gun and getting car. it's only been in my possession for 12 hours. I did not put any mileage on it (5miles home). My questions are: 1) How long before financing applications are finalized? 2) Can I get out of the contract since I have not paid my down payment? Isn't the contract contingent on the downpayment? 3) How likely is it that the dealer will let me bring the car back and reverse the deal?
If they won't let me, what I was thinking of doing is just asking if they can buy it back from me (they sold it to me at 18.5k), and then cancelling all their bull**** service agreements, etc. which will basically cancel out my loan and I will owe nothing to the bank. But I'm literally having so much anxiety over it that I'm sick. I feel like such an idiot that I let them talk me into buying it.
Hate to say I told you so but I told you you would be paying for their Bahamas trip if you went through with it.
There is no "cooling off" period when it comes to car sales unless you are in California (only on used cars). Once you sign that contract you are chained to it unless financing falls through. Since Capital One has already approved you, you are stuck. Sure, you can sell the car back to them but they will probably give you $12k for it.
Next time secure financing prior to car shopping so you dont become a victim again.
I just really hope that since I have not paid the down payment and it's been less than 24 hours that they will be willing to take the car back. I know it's unlikely but I truly hope that if I beg they'll do it.
If they won't I'm still gonna cancel their service agreements as that cost me almost 3k in my loan. They misled me and told me it was included in the sticker price but when I read over the paperwork I found they charged me $1800 for platinum service and $699 for gap insurance. But hopefully, they'll void out the contract since I couldn't comply with the terms of the down payment.
you are chained to it unless financing falls through. Since Capital One has already approved you, you are stuck.
Call Capital One and tell them of your new circumstances of creditworthiness, and that you will not hold them to the agreement, and that there was no fraud on your part -- and see if your financing falls through.
Did they transfer your license plates? Has the car been titled yet? Some dealers will allow you to bring a car back after a few days but if it has already been titled then it is no longer a new car and they and you will need to sell it as used. Used cars even with only a few miles on them are not worth as much as a new car.
This dealer sounds like it is shady with sneaking in a service contract and shame on you for not fully understanding what you were signing.
All new cars have at least a 3 year 36,000 mile warranty from the factory. Did the dealer tell you that their contract runs within the same time frame as the factory warranty? Up to 3/36 you have the option of adding an extended warranty. After the 3/36 you can also add it but it costs more.
It sounds like you fell victim to a fast talking high pressure salesman. A lesson learned.
Good luck.
Sounds like you need to ask them to unwind the deal. Otherwise, you are stuck with a grown up decision you made and it is no one else's "fault." They are under no obligation to help you, so you need to be polite and ask them nicely and be prepared for things to either go your way or not.
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