The is no truth to the 3 day "Right to Rescind" on vehicle purchases. Once you take physical delivery, the vehicle is yours unless
the financing falls through. California offers the buyer to purchase a 3 day return option, however it must be done prior to taking
delivery. Otherwise, unless the dealership offers a return policy, the sale is final.
You can not sign any vehicle contracts unless you are either 18, or have been deemed an "Emancipated Minor" by the courts.
Actually there are states which have Used Car Lemon Laws, Connecticut, Massachusetts, Minnesota, New Jersey, New Mexico, and New York
to be exact. Each of the mentioned states have different definitions of what actually qualifies as a "Lemon".
New Car Lemon Laws have guidelines that also vary per state; typically involving a specific amount of attempts to fix the SAME problem
or the amount of time a person is without their vehicle. People get understandably upset when their new car breaks down, however blaming
the dealership is not the answer since they are not the ones who built the car. This is a great question because simply having problems
with a vehicle does not automatically make it a lemon.
In some rare cases, rebates only apply to a certain City or area. A good example of this is the Auto Show. When it's in Detroit,
the "Auto Show" rebate only applies to residents in a close radius. Once the Auto Show moves to Chicago, then the rebate only applies to
Chicagoland residence. This is just 1 example, however it's basically what they mean by "Residency Restrictions"
Unfortunately, all contracts are void if the lender rejects the loan. IF this happens to you, take the vehicle back ASAP as well
as cancel any insurance you may have purchased for the car. Whether you buy from a small dealership, or one in a large auto mall,
all contracts are void if the lender rejects the loan. Also, do not hide the car because that is theft and you can go to jail.
The car is not yours, it belongs to the dealership.
Technically, you can not actually "Trade" in a leased car. The dealership would adjust the sales price to compensate for the equity/negative equity in
your 'trade'. Your buyers order would not list a trade. In this case, either you or the dealership will call for a buyout amount. The dealer will compare
the figure to how much it would cost to pay off your remaining payments. This amount will be used to adjust the selling price. Also, the dealerships often
get a lower buyout amount than you do, so you will want to let them get a figure for you.
If you trade the car in to a dealership, they pay off the loan. Depending on your trade in value v/s payoff, you might get money added to your new loan
(negative equity) or money applied to your loan. If you have negative, it will increase your payment. It's still your responsibility to make sure they pay
it on time. In addition, if you have a payment due and the dealership pays the loan late, you will get a blemish on your credit. Your current vehicle loan
is your responsibility until the dealership finalizes their end and sends the check.
If you do get a blemish because of a delinquent payment from the dealer, it will NOT be removed. Even if you have paperwork stating the dealership
bought the car, that will not matter because the lender only cares about your current agreement with them.
This depends on which state you live in. California, Hawaii, Maryland, and Michigan do NOT give tax credit on trade-in vehicles. Also, Alaska, Delaware,
Montana, New Hampshire, and Oregon do not currently charge sales tax on vehicle purchases.
Used car prices are all proportioned. This means that if the car prices at the auctions lower, then the sales prices might lower as well. The economy
does not effect the sales of used cars as much as new.
Used car dealerships operate strictly by profit because there is no hold back or manufacture stair step money. Since they rely on profit, they can not lower
prices simply because there is a 'recession' unless they car buy cars for less at the auctions. They still must make their fair share of profit to stay in
business, so in short unless the dealers cost decreases, their sales prices will remain where they are today.
More to come and don't forget to bookmark us!