Buyer's Remorse... :(

[libinatorsmom]

You can't just assume that this is the case - state law varies depending on where you live.

In addition, you need to make sure you didn't sign away your right to rescission when you did the paperwork. Some auto contracts have it buried in there, and by signing you waive your right to return the vehicle.

I would also assume that even if they take the car back, there will be a cost to you to do so. I don't think they can sell the car as "new" anymore once paperwork to transfer the title has been completed, so they may charge something for the de-valuation of the car.

I would get your paperwork out and start reading.

I agree you must read all contracts! I know we "bought" a car and when we got home my husband looked at it closer (it was a few years used) we decided we didnt want it - took it back no problems - just called and said we drove it home looked at it closer and we do not want it. The orginal poster needed to contact the dealer she got the car from. WE had no issues - and ended up with a different car that was much more to our liking... not a problem at all - but we did it with 24 hours.

 

[wide awake]

What I'm wondering is if this is going to affect her mortgage restructure ?

 

[vegasnative]

I thought the 3-day cooling off or buyers remorse wasn't applicable to car sales...in any state? I always thought if it was available it was offered by the dealership, at their discretion. No?

Also, I thought the buyers remorse thing was only valid if you purchased something not at their place of business. For example if you bought a boat at a boat trade show, not on their store front lot, you had a 3 day window.

The only reason why I thought this is because DH purchase a truck this summer, for me, without asking me if I wanted it or liked it. I did not like it or want it, so I tried to take it back and they would not allow it so I started doing research and came up with the above info.

 

[vegasnative]

I did want to tell OP to give the Camry a shot, have an open mind. Maybe it will be better on gas, and who knows, maybe you will end up loving it. What don't you like about it? Or do you just miss your old car?

 

[AmberHeartsDisney]

Why would you trade in your car with out even testing or researching the new car first? As much as a car cost i think some research should be done before buying....

 

[dawson5]

I thought the 3-day cooling off or buyers remorse wasn't applicable to car sales...in any state? I always thought if it was available it was offered by the dealership, at their discretion. No?

Also, I thought the buyers remorse thing was only valid if you purchased something not at their place of business. For example if you bought a boat at a boat trade show, not on their store front lot, you had a 3 day window.

The only reason why I thought this is because DH purchase a truck this summer, for me, without asking me if I wanted it or liked it. I did not like it or want it, so I tried to take it back and they would not allow it so I started doing research and came up with the above info.

This was my take on it also. Hubby and my brother in law both work at a dealership. Hubby deals with the back end (service, parts and body shop), my brother in law started in sales and worked his way to finance, used car buyer and GM. I've asked them before, both had never heard of this. (Outside of what you described). I always thought there was the possibility it was dependent on the state.

 

[Leajess99]

Here there is a 3 day cooling off period even on cars. It was explained to us by the car salesman even.

 

[tlbwriter]

I don't understand... if you loved your Buick so much, why did you give it up in the first place?

 

[seashoreCM]

I don't understand... if you loved your Buick so much, why did you give it up in the first place?

For the OP there was no choice in the matter; her DH lost his job and they did not have the money to buy it

 

[smkiya]

What I'm wondering is if this is going to affect her mortgage restructure ?

No, I've already been approved and it starts next month. That's the problem. From what I've found, it negatively affects your credit rating. My lease wasn't up until August, and I was afraid my credit at that time wouldn't allow for a new lease or loan because of the mod. Then I'd be without a car....

Why would you trade in your car with out even testing or researching the new car first? As much as a car cost i think some research should be done before buying....

I did a lot of research before we left to the dealership. I was offered a special incentive from Toyota where they paid off my lease early, accepted no money down, and put me in a 2011 Camry with payments that are only $4 more than my previous car. So I got an unbelievable deal! I just miss my old car...
ETA- and, they made my first payment, so I'm good until February!

I don't understand... if you loved your Buick so much, why did you give it up in the first place?

My lease was up in August and I would've been up a creek because of dings on my credit if I waited til then. I didn't go to Buick initially because Toyota made an unbelievable offer. When I went to Buick after buying the Camry they said they would've honored the Toyota deal...

Anyway, I think I'm getting use to it. It's a nice car with good gas mileage, and I'm enjoying the automatic starter, dd likes the moonroof. It's only 2.5 years I guess...

 

[tlbwriter]

For the OP there was no choice in the matter; her DH lost his job and they did not have the money to buy it

Okay... I've never leased a car (and this is one reason why... I can't imagine being put in the position where you HAVE to buy a car just when you really can't afford one) but I always thought you could extend an existing lease? Also, if you can't qualify (or afford the payments) for a new loan on a used car, how can you qualify for a new lease? I know it would be difficult to buy a new car, and that the OP was probably leasing to get a lower monthly payment, but wouldn't buying the used Buick be comparable to leasing the new Camry, in terms of payments? Pardon my ignorance - like I said, I've never leased a car, so much of this is foreign to me.

ETA... the OP posted while I was writing, so I think she answered my question - she needed to do this quickly and Toyota made a deal she couldn't refuse!

 

[bumbershoot]

Okay... I've never leased a car (and this is one reason why... I can't imagine being put in the position where you HAVE to buy a car just when you really can't afford one) but I always thought you could extend an existing lease? Also, if you can't qualify (or afford the payments) for a new loan on a used car, how can you qualify for a new lease? I know it would be difficult to buy a new car, and that the OP was probably leasing to get a lower monthly payment, but wouldn't buying the used Buick be comparable to leasing the new Camry, in terms of payments? Pardon my ignorance - like I said, I've never leased a car, so much of this is foreign to me.

ETA... the OP posted while I was writing, so I think she answered my question - she needed to do this quickly and Toyota made a deal she couldn't refuse!

Leasing is WAY easier than getting a car loan. And lease payments are almost always less than car loan payments, which is a big reason why it is appealing.

I leased for 12 years (3 cars) and there was never an offer to extend the lease. And why would you? You lease a NEW car, not a 4+ year old car.

But yes, at the end of a lease, you either turn it in and move on, turn it in and get a new leased car, or buy the car (for generally MUCH more than buying that exact same car would be for someone else).

 

[tlbwriter]

I leased for 12 years (3 cars) and there was never an offer to extend the lease. And why would you? You lease a NEW car, not a 4+ year old car.

Well, you would if you were in the OP's position, where you liked your car and couldn't afford to buy it (or anything else) outright. Or if you were in my SIL's position, where you went way over the allowed miles and couldn't afford the penalty when your lease ended (I don't know what she did about it - I know she kept the car after her lease ended, but I don't know if she bought it outright or extended the lease, but I assumed she extended the lease, because the whole reason she leased it was because she couldn't afford to buy it, and that seems like a really bad reason to lease, but I digress.)

 

[bumbershoot]

But extending the lease on your now older car makes no sense compared to just starting a lease on another car. I was happy leasing for 10 of those 12 years, it made financial sense to me (the monthly payment was OK for me and that's all I thought about), but paying that much on a now 4+ year old car would have been ridiculous. Even to me, a person happy leasing.

I've recently found out that my leasing company (VCI) was one of the more strict ones, but even they made it VERY easy to just lease a new car with nothing down...

 

[tlbwriter]

But extending the lease on your now older car makes no sense compared to just starting a lease on another car. I was happy leasing for 10 of those 12 years, it made financial sense to me (the monthly payment was OK for me and that's all I thought about), but paying that much on a now 4+ year old car would have been ridiculous.

Well, I was (apparently wrongly) thinking that you could re-negotiate the lease when you extended it, and lease it based on its current value rather than the original value. Like I said, I've never leased, and the more I read about it here, the more I think it's a bad idea!

 

[GoofyforDisney3]

Have you driven a new Buick? With all of the design changes you may not have like it anymore than the new Camry.

 

[DisneyFairytale]

Yesterday I received an advertisement from a Toyota dealership to trade in my lease early for a new lease. My old lease didn't end until August, but I'm doing a mortgage modification and was afraid it would affect my credit, and my ability to buy/lease a car at that time.

Instead of taking the ad to my local Buick dealer where I have my original lease, we went to Toyota. They paid my old lease and put me into a new Camry for 36 months. I put nothing down and my payments are the same. I wanted to buy my Buick at the end of the lease, but due to circumstances (husband lost job) wouldn't be able to.

Well, I miss my Buick Lacrosse and wish I had gone and gotten a new one at the Buick dealership. The Camry just isn't the same.... I even went to the Buick dealership to see if anything could be done, but it's too late. I don't know why I'm posting, maybe just to vent as I'm disappointed in myself for not thinking this through. It's going to be a loooong 36 months!

You know what, I did something I am still regretting. I had paid off my car and was going to be able to go without having to make anymore-but ended making the stupid decision to buy a brand new SUV. As it turned out about 10 months after buying it, something went wrong with it that could not be fixed, so it turned out i went back to a car. Tho happy I did(the car is great) I have been stuck with the same loan right. Fun stuff, so I partially feel your pain, tho Im probably better off, because at least I love my car.

 

[horseshowmom]

I bought a VW Jetta TDI (Diesel) because of the good mileage. Anyway, I still miss my Altima, although not as much now (1 year later) as I did in the beginning. It has taken a little time to get used to the new car, but I am liking it more and more each day. The only thing I haven't gotten used to yet is the fact that my Jetta is not as "zippy" as my Altima. With the Altima, when you pressed the gas you went zoom! With my Jetta, there seems to be a slight delay. I'm told this is due to the diesel engine?

Maggie

We have a F-250 truck, and it's a diesel. My husband put a chip in it, and it is astonishing the difference it made in the zip. Also, I believe it improved the gas mileage a little. Ours was out of warranty though (so it wouldn't affect the warranty).

 

[Halbleib1]

[QUOTE=msmayor;39539559]You can't just assume that this is the case - state law varies depending on where you live.
In addition, you need to make sure you didn't sign away your right to rescission when you did the paperwork. Some auto contracts have it buried in there, and by signing you waive your right to return the vehicle.

I would also assume that even if they take the car back, there will be a cost to you to do so. I don't think they can sell the car as "new" anymore once paperwork to transfer the title has been completed, so they may charge something for the de-valuation of the car.

I would get your paperwork out and start reading.[/QUOTE]


From Lemon Law.com

1) True or False: If I buy a car and something goes wrong with it, I have three days to return the car. It's a law.

Answer: False. It's one of the most common misconceptions around. This 3-day rule applies to home sales such as vacuum cleaners and cutlery. It is not for cars. Once you sign the papers, once you drive the car off the lot, it is yours no matter if the check engine light turns on when you are driving home or if the tire falls off. This is more of a reason why you should test drive the exact car you are planning to buy BEFORE you sign the final papers. Also, if you are buying a used car, pay to have a private mechanic look at the car prior to purchase. There is a worksheet available online, Lemon Dodger Worksheet, which you can take with you when purchasing a used car. Also, check out on-line car reporting services, such as www.carfax.com, which can provide the history of the vehicle.

 

[Halbleib1]

A lease is only worth it if you are going to let the car go back when the time is up. A lease is more for those that like to have a brand new car every 2-3 years. If you are going to buy the car at the end you are paying way to much for that car. If you want to own the car at the end you should go with a straight up car loan.