I purchased a car from a dealership and realize the car is going to be too expensive for me insurance wise, gas etc. Can I get out of this purchase and loan?
You’re not going to “get out of it” completely. You entered into a binding contract and the car is yours, warts and all.
The dealer will probably buy this car back from you, BUT they’re not going to give you what you paid for it. You are probably going to eat a chunk of money (varies depending on what kind of car) by walking away from it.
Yes for a fee called depreciation if new. If new occasionally manufacturers have buyback programs you may want to check into.
If used it will still cost you some money to return it but there should not be significant depreciation, especially if you buy another more affordable vehicle from their lot.
Best of luck.
More info is needed. If you just purchased it, you may have an out if your state has a mandatory “cooling off” period, which are usually on the order of 48 to 72 hours. Beyond that you’re on your own.
Other than the “cooling off” priod mentioned in another post you are probably at the mercy of the dealership–unless they misrepresented the product in some way. Did they represent it to get a certain MPG? Did they say it was cheap to insure? The papers you signed probably obligate you to pay as if this were a personal loan.
you ARE going to lose money on any car by ‘dumping it.’
but how much you lose depends on how much money you put down, what the actual age of the car is, how popular it is, and how much you are willing to “pay” to get rid of it.
how long have you owned it? hours, days, weeks, months?
you could probably sell it as a private sale, and make close to what it cost you, but that may take a while.
i’m curious. why has this gotten too much to handle? has the cost been more than you anticipated, or are you just not happy paying for the nice ride?
are you thinking of down sizing to a cheaper ride? if so, then the dealer would probably make an attempt to buy it, if you are going to buy another car. BUT, this transaction will cost you $$.
if you are thinking about just not paying the loan your credit will be ruined, and if i recall a few years ago, the government made it alot harder to declare bankruptcy.
Check your state laws…ours are quite liberal in favor of the consumer with respect to your question.
Let this be a lesson to you for future car buying. ALWAYS check with your insurance FIRST, before you buy anything. You’d be surprised at how much difference a certain make or model will be more expensive than something else in the same category(luxury sedan, coupe, convertible, etc.). I found out that a brand new Mazda RX-8 was actually more expensive to insure than a brand new Corvette convertible, granted it was only a couple bucks more per month, but it was still more.
here’s the steps that I made for myself when I was looking at cars to buy(bought a house so I can’t buy a new car for a couple more years)
step 1: figure out what type of vehicle you need(a single person has a few more options opened to them over married with children)
step 2: find out if it needs premium fuel or not(you’d be surprised at how many threads we get on this)
step 3: locate dealerships close to you so you can go test drive various trim levels(4cyl/v6, heated seats, convertible, etc.)
step 4: take a test drive and when you’re done grab the VIN off the car and take to your insurance company to find out how much it’ll cost to insure
step 5: negotiate final price(not monthly payment)
step 6: negotiate trade in value
step 7: ???
step 8: profit
ok, so the last 2 steps are in homage to South Park, but you get the idea.