If the dealership is unable to make friends with a bank willing to finance your purchase, the dealer may cancel the contract you signed and ask you to return the car. However, if you are someone who needs to exit a contract of sale, your options are limited. When you sign an agreement to purchase a vehicle, your signature gives the dealer the right to pursue you to pay the car and even take legal action against you if you refuse to abide by the termination of the agreement. However, in certain situations, you can get out of the contract for the purchase of a car after signing the dotted line.
Talk to an Agent
Talk to the manager at the dealership and explain why you can’t make the purchase. The manager of the auto dealership has the ability to invalidate your contract of sale. While there is no guarantee that the manager will do so, if your story reaches sympathetic ears, the manager may tear up your contract.
Check your car purchase contract
Read the purchase agreement carefully for a return policy. Edmunds reports that a common consumer misconception is that you have three days to return the car after purchase. While agents are not required to grant you this provision, some agents will try to strengthen their relationship with customers. If your contract has the right to amend for three days, you can exit the signed contract by returning the car within 72 hours of purchase.
Learn The Lemon Laws of the State
Ask the dealer to retrieve the vehicle in accordance with your state’s lemon law statutes. All state lemon laws are different, but in general if you have repaired your car more than four times for the same problem and the problem remains, you can get out of your contract due to the condition of the car as a “lemon”. Keep in mind that lemon laws often apply to new cars. However, according to FindLaw, some states, such as Massachusetts, also upholds lemon laws for the purchase of used vehicles.
Refusal of Vehicle Delivery
Refuse to deliver the car. If you have a certain car in mind but the dealership doesn’t have the car in stock, they will order it for you. If you change your mind before the car arrives, refuse to deliver the vehicle and offer to compensate the dealer for the storage and documentation fees necessary to prepare your paperwork in exchange for the contract being invalidated. Provided you do not fund the car through the dealership, the dealership can accept your offer as it recoups the profit on the car and can still sell it to other customers.
Consider other options
You may not come out of your signed contract. If you are unable to cancel the contract, you must pay monthly according to the terms of the contract until you pay it off or sell the car.
If the monthly cost of paying the car is the reason you want to return the car, you can rent the car to earn money to meet the required car payments. You can create your own ads or through a company like Turo. Turo works for cars just like Airbnb works for renting rooms in your home. When someone wants to rent your vehicle, you’ll receive an email notification. All you have to do is accept the request and the company will handle all the financial details for you.