So, I just signed a used auto loan yesterday, and I’m already regretting it. The car has way more miles than I thought, and the cost feels kinda excessive. I really want to cancel it if possible. Has anyone dealt with this before? What should I do?
Yikes, that sucks. I don’t think you can cancel it easily unless there’s a specific clause for that in your contract. Did the dealer mention any cooling-off period?
Toni said:
Yikes, that sucks. I don’t think you can cancel it easily unless there’s a specific clause for that in your contract. Did the dealer mention any cooling-off period?
Nope, they didn’t say anything about a cooling-off period. What’s that exactly?
@Scout
It’s basically a time frame where you can back out of the deal, usually a few days. Not all states have it for car loans though.
@Scout
Yeah, it’s pretty rare for car loans. You might have better luck if the dealer offers a return or exchange policy.
If they didn’t fully disclose the mileage or cost properly, you might be able to argue for misrepresentation. Did they hide anything from you?
Nuri said:
If they didn’t fully disclose the mileage or cost properly, you might be able to argue for misrepresentation. Did they hide anything from you?
I mean, the mileage was listed, but it wasn’t really highlighted. IDK if that counts as hiding it.
@Scout
Might be a stretch, but you could try. Keep all the paperwork and maybe talk to a lawyer about it.
Have you asked the dealership about canceling? Sometimes they’ll work with you if you act fast.
Eden said:
Have you asked the dealership about canceling? Sometimes they’ll work with you if you act fast.
Not yet. I’m worried they’ll just say no and make it awkward.
Eden said:
Have you asked the dealership about canceling? Sometimes they’ll work with you if you act fast.
Not yet. I’m worried they’ll just say no and make it awkward.
Fair, but you won’t know unless you ask. Be polite but firm. They might surprise you.
IDK about canceling, but if you’re stuck with the loan, maybe you can refinance it later to get better terms?
Quincy said:
IDK about canceling, but if you’re stuck with the loan, maybe you can refinance it later to get better terms?
Good point. I’ll look into that if canceling doesn’t work. Thanks for the idea!
If this just happened yesterday, you might still have some options. Did you check the contract for any return policy?
Jesse said:
If this just happened yesterday, you might still have some options. Did you check the contract for any return policy?
I skimmed it, but I didn’t see anything about returns. I’ll go through it again more carefully.
@Scout
Definitely do that. Contracts can be sneaky with the fine print. Fingers crossed for you.