THSCC Forums

I have a co-worker, who, to be blunt isn't so smart. He took his first trip to a car dealer ever this weekend and walked out with a $30,000 new truck that he cannot afford. Is there any law that would allow him to get out of it at this point without getting beaten for 20% depreciation over 2 days? I thought I heard of some, but just don't know.

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Rich
http://www.v8mongrel.com/

Bankruptcy?

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In need of car.

I think he wants to get out of the truck in order to avoid that. If he cannot, that is where he is headed.

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Rich
http://www.v8mongrel.com/

I thought you had three business days to change your mind. Maybe that is just with a house purchase? Have him read the fine print of the finance document right now. Worse case, take it back to the dealer and beg for mercy.

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Jim Pastorius
2008 Silverado VortecMax
1992 Camaro CMC#92
2002 BMW R1150R

2009 3rd Place CMC Mid-Atlantic Championship
2009 CMC Hyperfest Winner

Some dealerships actually do offer a money back guaranty. It might be worth checking.

Otherwise, it sounds like he earned his newfound stress.

Scott

See that is what I thought too. That you could back out of a loan within a certain amount of time. Where would one go to find such a thing?

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Rich
http://www.v8mongrel.com/

It will be on the documents that they signed. I actually think it is a separate document. Otherwise, call the finance company.

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Jim Pastorius
2008 Silverado VortecMax
1992 Camaro CMC#92
2002 BMW R1150R

2009 3rd Place CMC Mid-Atlantic Championship
2009 CMC Hyperfest Winner

I may be wrong but I think it is 24 hours. The problem will be if he titled it, then it will be a used car, no matter if it was 2 days or 2 years. The best advice is to go now and beg for mercy, especially if dealer financed. If not, check contract and the terms

There is some sort of "buyer's remorse" law in NC- but I can't find details on it at the moment. I *thought* it was something like within 2-3 days you have the right to back out of the deal without major penalty (I do think he would have to compensate the dealer for the mileage he put on the truck)...

Here's an interesting article (if you can weed out the legalese, it looks like he might be stuck...):

(scroll down this page to the "Summer 2002" article)
http://www.jhvgmlaw.com/Publications.htm



Bret

I only recall the 2-3 day thing being on real property contracts. I'd recommend a camper shell and a sleeping bag. . .

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Not spectacular just decent.
I'm not sure what I'm driving.
Maybe an ITR in DS.
Or half-assed STX prepped 330.

Buyer's Remorse - Pleasant as the dealer may be during the selling process, legally their obligation is over, and yours begins, when you sign on the dotted line and drive away. In most states consumer products are covered by 3-day Right to Rescind (buyer's remorse) laws. Unfortunately, motor vehicle sales and leasing contracts usually aren't covered. Contact your state's Attorney General's Office for more information on buyer's-remorse law in your state.

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http://www.greywinds.com

NC DOJ consumer site: http://www.ncdoj.com/consumerprotection/cp_about.jsp

I could not find any info on cancelling a car loan/lease. Home equity has 72 hours. I would HUSTLE if I were him.

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Dick Rasmussen

FS 50 2018 Mustang GT

I don't believe there's any hustle to it. read the last item in this link.

http://www.ncdoj.com/DocumentStreamerCl ... %20Car.pdf

Its kind of definative, the contract is binding once its signed by both parties

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2004 C5(415whp,390ft/lbs),
1997C5,1997Trans Am, 1986 C4,
1990 Miata, 1976 MGB,1997 Protege, 1989 MR2

Bernie,

Obviously you searched better than I did.

FYI I believe NC is one of the States that has Predatory Lending Laws. I get the impression from searches that such laws tend to address cases where a "lender" fully intends and expects that a buyer will default on the loan and expects to profit as a result. Probably wouldn't apply in this case.

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Dick Rasmussen

FS 50 2018 Mustang GT

I think legally, he is bound to the contract. On the other hand, he can definitely beg for mercy, and may even come out on top. I have a friend who, on a whim, decided she wanted a new car. She went to Ford, figured out the financing, and drove off in her new Explorer. 6 days later when buyers remorse set in, she went back to the dealer begging and crying. They told her they were very sorry, but she had signed the contract. She told them, in not so many words, that they would never see a payment. They contacted Ford credit, got the "ok" to undo the deal, and she went home having put 3k miles on a brand new car.. for free.