We understand that discovering mechanical issues or other defects with your newly purchased vehicle can be frustrating. As your lender, we cannot directly assist with these types of issues. However, we want you to know that we are here to support you in any way we can about your loan.
We recommend that you reach out to the dealership or seller from whom you purchased the vehicle as they may be willing to offer a return or exchange for a different vehicle. We suggest reviewing your sales contract or purchase agreement to confirm your rights to cancel the transaction. You may also want to check any service contracts or extended warranties related to the vehicle for additional information.
If a refund or exchange is initiated, CEO can help determine the appropriate steps to take about financing. We want to make sure that you are well informed of your options, including exploring the possibility of a trade-in option. To learn more about this, you can check out our Auto Loan FAQ: Vehicle trade-in options article.
Please check out these additional resources regarding your options:
- Edmund's article – Can you return the car you just bought?
- Federal Trade Commission’s Buyer’s Remorse Law and Cooling Off Rule: https://www.consumer.ftc.gov/articles/0176-buyers-remorse-when-ftcs-cooling-rule-may-help
- Federal Trade Commission’s Complaint assistant (If you believe a Seller violated the FTCs Cooling-Off Rule): https://www.ftccomplaintassistant.gov/
- FINRAs Savings Calculator: https://tools.finra.org/savings_calculator/
Stay positive and don't hesitate to reach out to us for support. Good luck!