You Can't Just Take a Car Back After Buying It!

I get emails from people all the time asking me how to go about taking a car back after they've signed the papers and taken delivery of the vehicle. Many of them are under the mistaken impression that they have three days to return a vehicle.

No, you do not have three days to take a car back!

The only exception that I am aware of is a new California law that was recently implemented that gives buyers this option only if they pay an additional fee at the time of the sale.

I don't claim to know the law in every state, but CA is the only place I know of where this "three day rule" exists. I believe the confusion arises from a law that gives consumers three days to cancel a sales contract that was written and signed in the buyers home. For example, an encyclopedia salesman comes to your house and sells you a set of books! In most states you would have three days to cancel this contract.

Quite frankly, I believe a "three day rule," if it existed, would be very unfair to car dealerships. In essence, you are freezing their cash flow from that particular car deal for three days - even though you're out there driving the car! Furthermore, they would not be able to sell the trade until the three days passes. This is why CA law mandates the buyer to pay an extra fee to the dealership for this option. It's there way of compensating the dealer for tying up his assets.

The bottom line is this: don't sign any papers or take delivery of a vehicle until you are sure you know what you are doing. Once you've signed everything, and you drive the car off the lot you own it. There is no going back.

Until nest time,

Tony Iorio
www.InsiderCarSecrets.com