Returning a newly financed car can sometimes be an effective option if you eventually found out that you cannot afford the payments involved on the loan. This could also be a good leverage in case there are untoward events that occurred which would prevent you from making the payments. However, you need to check the loan contract before doing this. In addition to this, you also need to perform the following steps.
- The most important that you should do before returning the newly financed car is to read the purchase contract. This is because the contract has a specific part that indicates the length of time that you are allowed to return the vehicle in the event that you changed your mind. Make sure to read this part and return the car within the time indicated on the contract. There is a great possibility that you would not be able to return the car if you go beyond the indicated time frame.
- Make sure to return the car back to the dealer within the time allotted for its return. Make sure to bring along the important paper works involved in the car purchase. You also need to return the car together with the keys, the manual, and the title
- Drive the car back to the dealership’s lot carefully in case you decide to return it. As much as possible avoid driving at extremely high speed for any damage and scratches that would be incurred by the vehicle could possibly complicate the process of returning the car. It is advisable that you return the car with utmost caution and in good working condition free of scratch or any damage.
- Return the keys of the car and sign the necessary documents that would serve as a proof that you have returned the car in good condition. You would also be requested to sign the papers that would make the loan void. In some cases, the dealer would call the bank or the lender and allow you to confirm that you have given the car back.