Question:
I leased a car on a friday night and on monday morning i found a better deal. Does the 3 day buyer rule apply and can I return the car w ithout penalty?
Answers:
There is NO right to return a car because you changed your mind.
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There is NO right to return a car because you changed your mind.
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I can not say this enough!
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The 72 hours rule that everyone keeps talking about applies to in home sales. It does not apply when you go to a "normal place of business". It was designed to prevent people from being pressured into signing contracts just to get the salesman to leave their home. When you go to a place of business, you always have the option of walking out. You can not walk out of a sales situation in your own home.
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When you take delivery of a vehicle, and drive it off the dealers lot, you own it!! The dealer is not required to take it back, and most likely will not. If he does, you will have to buy another vehicle from him, because he is not going to refund your money.
Leasing is an alternative form of financing. Both have fixed terms and payments. With a purchase you finance the whole price of the vehicle and pay that amount, plus interest, back to the finance source. With a lease you also finance the full price of the vehicle, and pay all the interest. You only repay part of the principle of the loan. A lease has an estimated value of the vehicle at the end of the lease term. (Residual value) This is deducted from the principle and you only pay the difference in your monthly payments.
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For example:
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Assume a vehicle that costs $30,000 and a trade in worth $5000. Also assume you are financing, or leasing the vehicle for 5 years. A final assumption is that at the end of the 5-year period, the vehicle is worth $7500.
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With a purchase you would pay back $25,000 plus interest over the period of the loan. You would own the vehicle (worth $7500) You can keep it, or trade it in on a new vehicle
With a lease you pay back $17,500 ($25,000- $7500 residual value), and the interest that is charged on the $25,000.
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Your payment is less, but at the end of the term you have nothing!
With a lease there is a limit on the number of miles you can drive and a per mile charge after that. You are also responsible for any and all damage to the vehicle. At the end of the lease, when you turn the car in, you will have to pay for any and all damage and over miles charges!
With both a lease, and a purchase, you are responsible for all maintenance. Some leases, but not many, may have a maintenance program, but that does cost extra, and will increase your monthly payment.
Enjoy your new car!
Not all states have a 3 day rule. Most do not and it may not apply to leases.
If you have not taken the vehicle from the lot you may have an out.
Once you drive it it becomes a used car. As the saying goes "Everybody drives a used car"
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I think he should. Otherwise you can sell the car as unusedWhat to do with two cars to get a lower payment?
Among your paperwork there should be a cancellation paper you need to sign it and return it to the dealership immediately.i need big big help ! anyone who knows about autoloans?
Most states allow you to break any contract with no questions asked within 72 hours. Check with your state...but you should be able to do this with no penalty.On swapping (trading) cars with a friend?
There is no "3-day buyer rule" in any state that applies to motor vehicle sales.What car should I buy? 2003 BMW X5 or a 2007 Ford Mustang?
If your lease contract specifically states that you have a cooling off period or a right of return or cancellation then you would have whatever rights are granted in the contract. Most leases have no such clause, however.
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You signed a legally binding contract. Now you must abide by the terms of that contract. Breaking that contract will cost you dearly, almost certainly more than whatever the other deal will save you.
Most states do NOT have a 3-day right to rescind law for vehicles. So, when you signed the contract the vehicle is yours. Check your state's attorney general website to verify.
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