Ever buy a used car from a dealership and then realize you can't afford it?

A friend of mine (yah, yah, I know...LOL) just bought (financed) a used car from a dealership 2 days ago. He gets home and gets a call later that day....he has a giant, unavoidable expense coming his way (doesn't really matter what for or why). Today he realizes he's F'd in the A and can't afford the car he just committed to buy.

My bud is not some a-hole who just runs around buying shit without the means to pay it. He really got hit in the nutsack here and is freaking. He's calling the dealership in the AM to see what they say.

Anyone ever go back to the dealership and say "Yah, uhh, sorry, I can't afford this right now...shit just hit the fan...."? Or do you think they'll just laugh, tell him to deal with the financing company, see ya in court, etc.?

Hmmm I know I have had a few friends take cars back to dealerships, but Im not 100% on why.

Colorado has some new(ish) law that has something to do with 3 days to return things, but I don't know if that is part of the lemon law or something.

If he was approved for financing and signed on the dotted line, it sounds like he can afford the car but not the upcoming expense.

I know GO dealerships have a 3 day return policy...

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Automobile Sales and Leases - General

A list of deceptive trade practices with respect to the sale or lease of a new or used motor vehicle is found under the Colorado Consumer Protection Act, C.R.S. 6-1-708. These include:

• Representing to a consumer that they have been approved for a consumer credit transaction if such approval is not final;
• Accepting a trade-in vehicle before the purchaser has been approved for a consumer credit transaction;
• Failing to return a consumer’s down payment if financing is not approved, and;
• Failing to disclose that a vehicle is a salvage vehicle.

Misrepresentations about auto sales and leases, or false advertising claims can fall under the Consumer Protection Act. To file a consumer complaint either call 1-800-222-4444 or use our online consumer complaint form.
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Call the finance dept or your bank and ask if it's funded yet. If it's not funded, your buddy has some way out.

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Originally Posted by Irving

Colorado has some new(ish) law that has something to do with 3 days to return things, but I don't know if that is part of the lemon law or something.

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No such thing. It's all dealerships' policy. Lemon law basically requires 4 attempts to repair the issue within 1 year or the transaction must be reversed. The vehicle must be under warranty when the issue occurs. :)

So the "lemon law" that people refer to is just a dealership policy, while the actual law that exists is the consumer protection thing that you just posted?

Most businesses don't like bad publicity - so they will settle the issue. Although used car dealerships are their own breed. Yeah the actual CO lemon law or purchase law can be found here.. http://www.coloradoattorneygeneral.g...iles#sales_new

I do this all this all the time with firearms!!


[LOL]

IMHO if he signed the papers he needs to be a man and pay for it unless it's broken. He's a grown man right? You shouldn't be let off the hook for mental incompetence. Find a way to make it work.

He needs to consider just how many payments he would miss by paying for the surprise item. He should also consider paying for the surprise with another loan, or even a 0% interest "balance transfer" from a credit card.

Here's the answer you're looking for, but it's not the answer you want to hear:

http://www.coloradoattorneygeneral.g...egal_questions

Reminder: Car sales, new or used, are not covered by any statutory right to cancel.

So your friend is limited to whatever he can work out with the dealership or via other means.

First, I'm sorry your friend has run into a financial dilemma. I know how that goes. As we recently had a huge unexpected medical expense recently...

In response to a post...

No offense, but note the first line of what you quoted...

"A list of deceptive trade practices..."

If there is no deceit then, this doesn't apply....

I think your friend is stuck UNLESS the dealer decides to take it back. He has no "legal" recourse. To make a long-story short, I bought a used car from a dealer "as-is". I didn't have it more than 8 hours and 25 miles when it had a major transmission problem. I did ALL kinds of research into lemon laws, right to return, etc... Found that I was stuck. Very fortunately, the used-car dealership I bought it from stood by their truck and had it repaired on their dime. 5k miles later and its running strong...

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Originally Posted by ChunkyMonkey

Call the finance dept or your bank and ask if it's funded yet. If it's not funded, your buddy has some way out.

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