Being able to return a new car has become a concern for new car buyers. Due to the current recession, which has led to a great deal of uncertainty, and Hyundai Motors new Assurance Program, which allows a buyer of a new Hyundai to return the vehicle if he or she loses a job, the question of whether or not you can return your new car has settled on the public’s consciousness.
To make a long story short, returning a new car to the dealer is next to impossible unless that dealer has a policy that permits you to take the vehicle back.
Even though new car dealers are not inclined to accept a return, it may not be a bad idea to start your venture of returning the car by visiting the dealer from whom you purchased it. The dealer may be willing to take the car back on a trade in for another car or make an offer to buy the car back. If you get an offer for a purchase, don’t expect it to match the price you paid for the car though.
If you believe that the dealer has defrauded you in some manner, then you can complain to a third party including the manufacturer, the Better Business Bureau, the Department of Motor Vehicles or the Attorney Generals Office. However, again, if the dealer did not commit some kind of illegal act when selling you the car, then you probably won’t get any remedy from these groups.
If you have evidence that their is a mechanical problem with the car and the dealership from whom you bought it has been unable to fix the problem, then you can explore your state’s lemon laws to see if you have a remedy.
You could also go through the contract with a lawyer’s eyes to find any loopholes. For example, one legal loophole that is recognized in most states is if the car was purchased by a minor and the contract was not co-signed by a parent or guardian. In some cases, the new car dealer may be willing to put into the contract a clause that allows you to return the vehicle. In this case, the dealer might be willing to let you have the car for a certain period of time as a trial period. But, again, the dealer is under no obligation to agree to such a clause.
If you don’t get a remedy from the dealer, you could turn to the institution that financed the purchase of the vehicle. Called a voluntary repossession, you can arrange to turn the car over to the lender. If you do this, you will have to pay to be able to bust the deal. The lender will re-sell the car. And then you will have to pay the difference between what he was paid and the true value of the car. Another thing to keep in mind is that the voluntary repossession will have an adverse effect on your credit rating.
Finally, don’t accept a verbal promise that you can return the car. If the dealer is willing to allow that, make sure that he puts it in writing.