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? -- DanaDear 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:•Tough to find dealership reviews online•How can I get rid of a bad interest rate?•Can my parents take my sister's car?•Is "buyer's remorse" grounds for cancellation?If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter. advertisementRelated Links:7 best off-to-college carsNational auto loan averagesWhat changes auto loan rates?Related Articles:All new cars for 20105 steps to 'clunker' dealTake the 'cash back?'
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.
If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter.
A little research could save you BIG on interest.