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

[GilpinGuy]

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.?

[dwalker460]

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

[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.

[kidicarus13]

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.

[opie011]

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

[ChunkyMonkey]

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.

[ChunkyMonkey]

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.

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.

[Irving]

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?

[ChunkyMonkey]

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

[Tinelement]

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