Car buyers don't get 'cooling off' time
Dear Terry,
I have just purchased a used automobile from a dealer here in Atlanta. I want to return it because I will not be able to cover the regular maintenance of the vehicle. When work needs to be done on the vehicle, it will be too expensive for me. The purchase is just 3 days old. Can I return the vehicle?
-- Sallie
Dear Sallie,
There is no "cooling off" period when it comes to car sales. Once you've signed the papers and left the lot, the car is yours.
But I question why you're so afraid of possible repair bills just days into ownership? Is something amiss already? If so, is there a warranty on the vehicle?
Otherwise, a fear of high maintenance costs is not grounds for undoing the deal.
Loan trouble? Don't fear prison time
Dear Terry,
I surrendered my truck to a bank. I called the bank told them why and they told me where to take it. I followed their instructions, then called the 800 number and told them I had dropped it off.
I am a single mother of two with no help. I had no choice. Will I go to jail?
-- Jen
Dear Jen,
No need to fear any criminal charges. People get into loan trouble all the time, unfortunately, and the worst that usually happens is their credit rating is dragged down.
Most car loans not transferable
Dear Terry,
We want to buy a car that my brother-in-law is still paying on. Is that possible? Can he just sign over the title to us while we continue the payments?
-- Donna
Dear Donna,
Most car loans are not transferable. You can contact the lender and see if it will allow you to qualify for the loan, which usually means the lender simply issues a new loan on the vehicle.
Some people drive a vehicle and make the payments on behalf of the original owner, who then would sign over the vehicle once the loan is paid off. But that's not legal, and the person paying off the loan has no rights to the vehicle.