Steps to return a car financed in the USA

by Lisa Baker

You have managed to buy your car financed, you feel with the logical happiness of having fulfilled your dream. Maybe you have thought about it enough before deciding, but it is likely that even though you have thought about it when you get home you realize that this financed car can be very beautiful and meet all your expectations, but can you afford it?

That is when you think if you can return a financed car , because the answer can be as simple as a Yes or a Maybe, of course it is possible because if you realize that you will not be able to face the financing fees you cannot stay with that car.

Think first of all in what circumstances it is convenient for you to buy a financed car and then you will see how to do to return it if you find that you cannot afford it.

When to buy a financed car

Before buying a financed car and wondering if a financed car can be returned , consider these circumstances:

  1. The financing of a car is a debt that should not exceed 15 or 18% of your salary.
  2. In other words, the financing and all the expenses that will arise when buying the car cannot exceed that percentage, because your car needs insurance, basic car maintenance and financing fees. If all these expenses exceed 15 or 18% of your salary, it means that you will not be able to meet the expenses it will cause you.
  3. The financing should not extend beyond 36 months, because if in 36 months you do not finish paying the car it means that you should look for another type of car that allows you to finish paying it in three years and no more.

If you evaluated all these circumstances and decided to buy your car but you realize that anyway it is not the car that allows you to meet the expenses and you want to return it, you can solve this problem in this way:

How to return a financed car

  1. You can return the car to the dealer. Come closer and suggest that you want to change it for another lower cost model, because depending on the brand it can be an easy matter, for example Hundai’s return policy is friendly and you will have no problem for its return.

However, you must return it as soon as possible because that new car that you bought financed depreciates in a short time, therefore your debt will be higher than the original price of the car, which means that even if you change it for a lower cost one, it is very likely that you will have to pay one difference.

  1. You can consider refinancing the loan, extending it or refinancing it at a lower rate.
  2. There are financial companies that can extend the loan period but at a higher rate.
  3. If you feel too urgent, you can sell the car you bought and then with that money finish the loan payment, In the event that the sale price is lower than what you still owe, that difference can be covered by requesting a personal loan or financing it with your credit card.


You can return a car financed in the United States

As you realized there are several options that indicate that you can return a financed car, however, a car is not just any product, it is not clothing and therefore dealerships handle different ways and that is why sometimes it can be easy to return it and other times you can’t even do it.

1. In the event that it is a used car, it is possible to return it but depending on the state where you live and the dealer and their policies.

2. For new cars, there are legal rights listed as a cool-down period, which is a federal rule for certain purchases.

3. It is a rule that defends consumers against high-pressure sales tactics.

4. This rule does not apply to the sale of cars.

5. If the car is your property because you signed the sales contract, the law protects the seller.

6. Therefore, if it is the seller who is protected by law, are you as a buyer helpless? While the distributor is the one who has the power to decide the resolution of the problem and the business owner seeks customer satisfaction like you.

7. The dealer’s decision will be arbitrary because most do not have return policies to rescind an agreement that is signed.

8. Then you as a buyer must argue coherently why you have made the decision to return the car.

9. For example, you can argue that it is not the car you expected to have, that you do not like it and want to return it.

10. You can also argue the truth and say that it is not within your budget and if you do not return it your financial situation will be seriously affected.

11. You can go directly to the seller, but if it is a large dealership it is advisable to go to someone with more decision attributes than the seller, such as requesting to speak with the sales manager, the business owner or with the administration.

12. Argue calmly and approach a business day of the week when the salesperson or their superior has time to address your arguments. Do not accuse or speak of fraud when in fact none of these questions is true.

13. However, if you think you were cheated with the price, you can make inquiries online to make sure that the price of the car you bought is within the market parameters

A car financed in Florida can be returned         

  1. In the case of a used car that you want to return in Florida, if you detect that it has mechanical or electrical damage, you can return it.
  2. According to the Florida Department of Highway Safety and Motor Vehicles, there is no law that protects you for its return, but you can be successful once the car is inspected.
  3. For this reason, it is better than before buying a financed car in Florida and you fear that later you want to return it, check the Florida laws and the policies of the dealer of that car.

I can return a car to the dealer

Yes, you can return a car to the dealer since there are states and dealers with return policies, but you will lose the value of the car because due to its depreciation you will not get the same amount that you have paid for it and therefore if you change it for another you will have to take care of the difference that will not be in your favour

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