- Vehicle purchase agreements do not include a cooling-off period.
- State lemon laws deal with vehicles still under the manufacturer warranty.
Is there a way to get out of a bad car deal and not having to damage my credit?
I just got into a really bad deal recently. I'm financing an 02 Mazda 626 at 15.50% and my payoff is around $11,000 and the car has tons of problem and it is only been a month. I just want to know if there is any ways to get out of this and not having to damage my credit.
Frequently consumers who have purchased a used car soon realize that the vehicle’s mechanical condition is not as impeccable as the dealer led them to believe. Unfortunately, you usually cannot return the vehicle and expect to receive a refund of the purchase price.
Generally speaking, automobile purchase agreements do not include a "cooling-off" or return period, so the dealership will likely not allow you to return the vehicle for a refund your money. However, since you are experiencing mechanical problems with the vehicle, federal and state law may provide you some protection. The first thing you should do, if you have not already done so, is contact the dealership that sold you the vehicle, to explain the problems you are experiencing and to ask what the dealership will do to repair the vehicle. Since you purchased the vehicle 30 days ago, hopefully the car is still under some sort of warranty, even if it is only a short-term warranty provided by the dealership. If the car is still under warranty, the dealership should repair it at little or no cost to you. If the dealership refuses to repair the vehicle despite the warranty, or if the vehicle is not covered by a warranty, you should research your state’s "lemon law" to find what recourse is available to you. Lemon laws are a type of state law designed to prevent consumers from being stuck with a vehicle with persistent problems.
Most state lemon laws deal with vehicles that are still under manufacturer warranty. However, many states also include a provision to protect consumers who have purchased used vehicles. Visit CarLemon.com to find if your state’s lemon law applies to used vehicles, and if so, what protections it provides.
If you find that your purchase is covered by your state’s lemon law, but the dealership continues to refuse to repair or replace the vehicle, you should contact your state Attorney General’s consumer protection division to discuss the options available to you. You may also want to consult with an attorney to discuss your legal rights and the legal recourse available to you. Even if your state’s lemon law does not apply to used vehicles, you may have grounds to file a lawsuit for fraud if the dealership misrepresented mechanical condition of the vehicle. Again, you should consult with an attorney familiar with consumer protection law to discuss the legal options available to you.
I wish you the best of luck in resolving the issues you are experiencing with your vehicle.
I hope that the information I have provided helps you Find. Learn. Save.