Returning a Recently Purchased (financed) car

[mysterious]

What is the name of your state? Colorado

I have had someone ask me the question what is the statutes and limitations for returning a recently purchased (finaced) car to a dealership. The lady that bought the car didnt not know that they where going to charge her 22% intrest and she can not afford the car so she wants to return it to the dealership. She wants to know how long she has to do this with out penelty...

 

[HomeGuru]

What is the name of your state? Colorado

I have had someone ask me the question what is the statutes and limitations for returning a recently purchased (finaced) car to a dealership. The lady that bought the car didnt not know that they where going to charge her 22% intrest and she can not afford the car so she wants to return it to the dealership. She wants to know how long she has to do this with out penelty...

**A: did the lady read the contract to purchase and the financing contract with the 22% interest amount stated?

 

[mysterious]

contract

I am unaware of what she did..this was brought to me via my husband because they thought I might now where to find an answer since I am a law student. I dont have all the full details so I was just trying to locate a place to find a statute about this. I also told her she needed to re-read her contract...that would have been the first thing to do before signing anything....so people just dont think...lol

 

[HomeGuru]

Re: contract

I am unaware of what she did..this was brought to me via my husband because they thought I might now where to find an answer since I am a law student. I dont have all the full details so I was just trying to locate a place to find a statute about this. I also told her she needed to re-read her contract...that would have been the first thing to do before signing anything....so people just dont think...lol

**A: ok, then sorry we can't help you without the complete facts.

 

[mysterious]

Basically she needs to know if she can return the car becasue she cant afford the payments...and she wants to return it to the dealer she bought it from and if there is any penentlys for returning the car.

But thank you for your help

 

[mysterious]

Basically she needs to know if she can return the car becasue she cant afford the payments...and she wants to return it to the dealer she bought it from and if there is any penentlys for returning the car.

But thank you for your help

 

[I AM ALWAYS LIABLE]

Basically she needs to know if she can return the car because she cant afford the payments...and she wants to return it to the dealer she bought it from and if there is any penentlys for returning the car.

But thank you for your help

My response:

Basically, yes, she can return the car. However, in doing so, and failing to pay for the car pursuant to the written, signed and dated contract, then she's in "breach of contract".

Returning the car will be a "voluntarily repossession" that will appear on her credit report, thus affecting her future credit abilities.

Additionally, the dealership will sell the vehicle for whatever it can get. If it's sold for less than the contract price, then your friend will be responsible and liable for the difference. In other words, the voluntary repossession doesn't "cancel" the contract, and your friend will be paying on a vehicle, at the contract rate, until the "difference" is paid off - - despite the fact that she won't have the vehicle.

Also, if your friend fails to pay, she can, and most likely, will be sued. Then, start adding more costs and penalties. It's all in the contract. All of this.

Remember, there's a valid contract - - and the dealership will hold your friend's hands to the fire.

IAAL