can you return a car purchased from a buy here pay here location without penalties?

i purchased a car from a buy here pay here dealer, and i think my payments are entirely too high… i have gotten my credit fixed and now i would like to finance something a little less expensive and help build my credit even more… will i be penalized for returning the car to the buy here pay here dealer to get another car from a real dealership?

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Sat, Aug 14, 2010

Auto Loans, Questions

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Tags: Car Loan, Credit Help, Credit Report

6 Responses to “can you return a car purchased from a buy here pay here location without penalties?”

  1. HubbaBubba Says:

    You cannot re-negotiate a contract once signed. You also cannot just return the car. A BHPH IS a "real" dealership, albeit the worst kind to deal with. Pay off your obligation to them by whatever means and then deal with a "mainstream" seller.

  2. Gypsy Girl Says:

    Yes you will be penalized. You cannot return a car like you can return merchandise to a store. You might be able to get lower payments if you refinance the car.

  3. jtexas Says:

    I know your payments are too high.

    You have a contract with that dealer. The terms of the contract state whether there is a penalty for returning the vehicle. You have about a 99.9998 percent probably of paying a hefty penalty.

    If the dealer doesn’t check credit, there’s a chance they don’t report credit either.

    It all depends on the individual dealer.

  4. nowayout Says:

    It depends on how much you still owe, and what the car is worth, and how hardnosed the dealer wants to be. In most cases, buy-here-pay-here dealers get the real value of the car up front with your down payment, and the payments are just extra profit.

    So, in the best case, since he’s already gotten his money for the car, he’ll simply take the car back and put it back on the lot waiting for the next sucker.

    In the worst case, he could sell the car at auction for peanuts, sue you for the balance of your loan, and report you to the credit agencies.

    The only way you’ll know for sure is to go talk to them.

  5. Scott H Says:

    No. You signed a contract. Returning the car and not continuing to pay for it would be a breach of contract. The dealer can rightfully come after you for the remaining amount you owe them. The only way to get out from under the loan is to pay it off.

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