Returning a leased car to the dealer can be tricky and relies on many things, like the terms of your loan, the dealer‘s rules, and the laws in your state. If any of these things happen, you might be able to return a purchased car:
Buyer’s Remorse Period:
Some states have rules that let people return a car they bought within a specific time (usually a few days). This is also known as a “cooling-off” period. Most of the time, though, these rules don’t apply to car buying.
Volunteer seizure:
If you can’t make your car payments anymore, you may be able to return the car through a volunteer seizure. You let the lender know that you can’t keep making payments and give them back the car. This will hurt your credit score, and you might still owe money if the car’s sale price is less than the loan amount.
Trade-In or Sell the Car:
You can try to trade the car in for another vehicle or sell it on your own. The money from the sale or trade-in can be used to pay off the loan. If the car is worth less than the loan amount, you will have to pay the difference. This is called “negative equity.”
Dealer Return Policy:
Some sellers have return policies that let you return the car within a specific time. These rules differ, so talk to the supplier for more information.
Lemon Laws:
If the car has significant problems and meets the requirements for a “lemon” under the laws in your state, you may be able to return it to the Dealer and get your money back or a new one. When it comes to new cars, lemon laws usually apply, and specific rules must be followed. Before trying to return a purchased car, you should read your financing agreement, talk to the salesman, and maybe even talk to a lawyer or financial advisor to learn your options and what might happen.