How to Fail-Proof Any New Car Purchase By Following These 4 Simple Steps

1. How to Fail Proof Any New Car Purchase By Following These 4 Simple Steps It is not uncommon to experience feelings of regret shortly after purchasing a new vehicle. Once you sign on the dotted line, there is little you can do. If you want to have the right to return the vehicle, you must negotiate properly before committing to buy. Most dealers do not offer a grace period after a sale. You will need to shop around and express your concerns. If you experience severe problems with your new vehicle, you may have the right to return it because it is a federal law put into place to protect the consumer. Step 1 Know there are no federal buyer's remorse laws. A common misconception is that auto loans are covered under a state's three-day right of rescission law. The cooling-off period does not apply to auto loans. In most states, auto loans can only be canceled if financing falls through. Step 2 Always look for a dealer that is willing to offer you a right to cancel. Dealers are not required to give you a cooling-off period. Verbal agreements are often difficult to prove therefore, it is important to have the period specified in the contract. Step 3 Try it before you buy. Some dealers allow you to take home the car for a couple days before you sign a contract legally binding you to the sale. Hertz offers a rent-to-buy program. Interested buyers can rent a car for three days to decide. If the buyer does not want the car, they simply return it and pay the rental charges. Step 4 Understand your rights under the federal Lemon Law, which is officially named the Magnuson-Moss Warranty Act. If your new vehicle is defective and requires multiple repair attempts under the manufacturer's factory warranty, you are entitled to compensation. The compensation can include a refund, replacement or cash. If the dealer breaches the warranty, it becomes a violation of federal law.