SHOPSMART AUTOS – CUSTOMER INFORMATION – APRIL 25, 2021 (PART ONE)
Can You Return the Car You Just Bought?
It’s the morning after your big new or used car purchase and you wake up with a knot in your gut. The car suddenly seems like too much for your needs, the monthly payments are high, and you bought an expensive warranty. Long story short, you want to return the car. Most stores let you return clothes and products for a refund if you regret the purchase. But that’s almost never the case with new cars, for which return and refund policies and laws are notoriously strict. Even so, people with buyer’s remorse ask us all the time: Can I cancel the transaction?
You might wish you could void your purchase contract and simply give the car back to the dealer. But unlike other consumer products, it’s not easy to return a car. When it comes to new cars, the answers are “no” and “maybe.” (If you’re a used-car buyer, you might have better luck returning the car, but it all depends on the state where you live and the individual dealership’s policies.) For new cars, your legal rights can be summed up in the one sentence that’s posted on the wall of many dealership sales offices: “There is no cooling-off period.”
The Federal ‘Cooling-Off Rule’
You might have heard there is a federal cooling-off rule for some purchases. There is such a rule, but it is primarily meant to protect consumers from high-pressure door-to-door sales tactics. It explicitly doesn’t apply to automobiles. If you signed the sales contract, you own the car. And the law is on the side of the seller. So, what can you do about that knot in your gut? Here’s where the “maybe” comes in. Essentially, it is up to the dealer whether to unwind the deal. While business owners clearly want customers to be satisfied, undoing a car purchase is a costly headache for a car dealer. But there are times when it’s the right thing to do. That’s the viewpoint laid out in “Unwinding a Deal,” an article in a dealership publication, F&I and Showroom, written by Marv Eleazer, finance director at Langdale Ford in Valdosta, Georgia. Addressing other car-selling professionals, Eleazer writes: “There are situations where we must swallow our pride and endure the hassle of unwinding a deal.” He goes on to address several specific situations: if the car doesn’t perform as promised, if the buyer has misrepresented his credit score, and if the salesperson has overpromised and underdelivered on the deal. Obviously, unwinding a deal is a gray area, and you must carefully approach the seller with such a request. Although each situation is different, let’s look at three common scenarios.
‘I Have Buyer’s Remorse’
The vast majority of car dealers have no written policies that allow you to rescind the purchase agreement you’ve signed. This means your only recourse is to plead your case. You can say that you have discovered you don’t like the car or that it will stretch your budget and put you in dire financial straits. If you have buyer’s remorse, you can call the salesperson first as a courtesy, but be prepared to contact someone higher up in dealership management, such as the sales manager, general manager or owner. It’s solely at the dealer’s discretion whether to undo the purchase. Make your call on a business day as opposed to a weekend.
‘I Got Ripped Off’
If the car salesperson you worked with didn’t keep promises or you suspect fraud, you might have a case. But don’t make wild, unfounded accusations. Instead, use any documentation you can find. If you feel you paid way too much, reference the Edmunds suggested price as proof of an acceptable price. Consumers who cry foul on price are at least partially to blame. Preparation and research are essential for such a large purchase, and if you’re on the brink of a deal in the showroom and think you don’t have sufficient information to proceed, don’t. It’s better to not buy the car than to argue after the fact that you paid too much. Your best bet is to do your pricing research online and work out a nearly painless deal with the dealership’s internet sales manager.
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