Dear Terry,

My sister bought a new car Dec. 29. She is having buyer’s remorse because she now realizes that she cannot afford her new $500 a month payment for six years. Can she change her mind, get the car back that she had traded in and cancel the agreement?

— Dana

Dear Dana,

Sorry to tell you, but it’s likely your sister is stuck. While some states have what is called a “cooling off” period involving major purchases, that option usually goes out the window once the buyer takes possession of the car.

Here are this week’s reader questions:
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Is “buyer’s remorse” grounds for cancellation?

If you have a question for Terry, e-mail him at

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