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How much time do I have to return a car to the dealership if it is financed?
Can I return a car before making the first payment and be done with it? I bought a car with dealer finance two weeks ago on a whim and I’m kind of regretting it now.
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You will have to call the dealership, but they are likely not going to be willing to work with you. As you know, a car depreciates in value as soon as it leaves the dealer’s lot and they can no longer sell that car for as much as before.
You signed a contract, so returning the vehicle means:
- a potential breach of contract
- you will probably owe the dealership a fee
- your credit score will likely take a hit
You would be better off taking this as a learning experience.
Make your payments on time, paying more if you can until you owe less than the
car is worth
. Then trade the car in for something that you want or find a buyer for the car and sell it outright.”View full answer
- Gregory R.
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