According to the Federal Trade Commission, there is no "chill" in the period of new or used car purchases. You actually have not purchased a vehicle until a signed lender and the state department of motor vehicles receive your signed papers and have taken possession of the vehicle. If you have taken possession of the purchased vehicle, you must return it before the dealer sends the credit agreements, cashes your check or presents the documents of the car.
Talk to the seller
Call your dealer as soon as possible (preferably the same day or the next day after purchase) and ask to speak to the sales manager or general manager. If you haven't taken possession of the vehicle yet, tell the dealer you don't want to buy the car and cancel the sale. If you took possession of the vehicle and the requested documentation, take this to the dealer the same day or the next, even if the administrator tells you otherwise. The dealer is an intermediary between lenders and the state's department of motor vehicles. It does not immediately send the contracts or process the car documents. Checks are usually not cashed until the next day. If the dealer calls you to pick up the vehicle, chances are that your documentation has already been processed and the purchase cannot be canceled.
In case of deposit
If you have only left a deposit for the vehicle, you have not purchased it yet, and you have no obligation to do so. It may be difficult to get your deposit back, but the sale can still be canceled unless the buyer's order states otherwise. If you have already taken the vehicle from the dealer, you can deduct the cleaning costs or mileage from your deposit. If you didn't take possession of the car and your dealer will not refund your deposit, call the state attorney general to file a complaint.
Dealer return option
Some dealerships offer their own cooling off period. Read your purchase documents or visit your dealer's website to determine if the option applies to your purchase. some dealership offer used cars on low monthly payment If so, cancel and return the car within the specified period. If your documents have already been submitted to lenders and the state department of motor vehicles, you will be expected to sign forms when you return it. Get copies of everything you sign, in case the return causes any credit or motor problems.
If it is too late to cancel your purchase, you can sell the car on your own or exchange it for another purchase. If you have bought a new one, you may have to wait to sell it. Once you buy a new one and drive it out of the lot, it becomes used and the value of it is significantly reduced. You may need to provide a payment if you want to trade this for a different vehicle. If you decide to sell it, you may need to pay the rest of your loan balance, since the sale price may not be enough to cover the outstanding balance.