Can i return new car

You may be able to reduce your monthly payment with a lower interest rate or longer term. Keep in mind that if you choose to extend your loan term, you may pay more in interest over the life of the loan. To make matters worse, your lender may still report the repossession to the credit bureaus, which could negatively affect your credit scores and credit reports for up to seven years.

Car dealers are usually not obligated to let you return a car. This should help prevent you from being in a situation where you need to return the car. Image: Concerned woman driving her car. Lemon laws vary from state to state, and each state's Attorney General's office defines how these lemon laws are enforced. A lemon law only applies to a vehicle that, after a certain number of repair attempts, still has mechanical faults that are unsafe or detrimental to the operation of the vehicle.

When you purchase a new car, during the vehicle delivery process, the salesperson should offer you a pamphlet that explains the lemon laws in your state; if they don't, ask what the laws are. The time period covered by lemon laws also varies by state.

Depending on where you purchased your new vehicle, you have between one and two years to take legal action and return it. Some dealers like CarMax offer a five-day return policy. CarMax's five-day return policy is not enforced by any law and is offered as a sales incentive.

If any dealership offers a return policy as a selling tool, get it in writing for your protection. A verbal promise is hard to enforce. Since there are no state or federal laws that require sellers to accept the return of a new car due to buyer's remorse, it's important that car buyers understand the commitment they are making when they purchase a car.

Edmunds: Less choice, higher car prices in chip shortage. Sections U. Science Technology Business U. Edmunds: Is it possible to return the car you just bought? In this Sunday, June 14, , photograph, a prospective buyer looks over a long row of unsold CX-5 sports-utility vehicles sedans sits at a Mazda dealership in Littleton, Colo.

Connect with the definitive source for global and local news. The Associated Press. All rights reserved. Additionally the consumer does not need to provide a reason for cancelling. Under the Limitation Act , s5, you have up to 6 years from the point of sale to make a claim for breach of the sales contract.