Rep Power: 0

my mom ended up buyin an 04 civic last night and she didnt realize the interest rate on the car which is 16.7 percent...and shes freaking out and wants to take the car back to honda and return it...there is a 30 day return policy corrrect???

 
Rep Power: 812

not 30 days no way, but if its only been a couple days they should take it back.

 
Rep Power: 272

that's rough

 
Rep Power: 290

Should have 3 business days to get out of a contract to buy, which is a state law, and doesn't vary much state to state. If they didn't tell her about the ridiculous interest rate, she has even more leverage. If they try to screw you, speak with a lawyer.

 
Rep Power: 276

Yikes...thats a huge rate. She should be ok though as long as its taken care of today. Good luck!

 
Rep Power: 276

I don't know what it is, but for some reason when I buy a car, I always seem to ask what the payments and interest are before I sign anything. Maybe thats just me.....jk

Get it done today and she should be ok. She can also shop the loan around ath local banks to see if she can get one to pay this one off at a better rate. If she does this, make sure that her current loan doesn't have a stipulation or charge for early payoff.

 
Rep Power: 0

She can definately get a better rate elsewhere at a local bank. If she applys the loan at the dealership, they can shake hands with the bank and earn some extra interest for themselves. Take it back ASAP today and let us know the outcome.

 
Rep Power: 380

I knwo she could proabbly get liek a 12% here at my bank, with prime rising its not a bad rate.

 
Rep Power: 812

that is crazy i got 2% from the dealer back in 02 and i bought in february.

 
Rep Power: 0

Did she buy if from a Honda dealer or a independant used car dealer? A Honda dealer will base the interest rate on your mom's credit, so if her credit was bad then 16% could be the best she could get.

A independant dealer will try to get the highest rate reguardless of her credit rating because they get a "kickback" or a "finders fee" based on how much the interest rate is. Not all independant dealers are like this, but the one's I've dealt with and worked at were.

 
Rep Power: 0

depends state to state, but on one of the dotted lines you sign it states that there is no returns. All sales final. You do have 3 days to find better financing though.....

 
Rep Power: 303

ok i work in financing, homes to be direct. ther eis no cool off period when it comes to car loans or purchases. when you sign the dotted line your agreeing to the terms of the contract. once you drive off the lot the car is yours. i know this is the cali law but i dont see it being different anywhere else. she agreed to pay that rate by signing that contract. now homes have a 3 day recision on refi's but no recision on purchases either

 
Rep Power: 812

are you sure, because when i got my car new from dealer, there were some problems with it, after we bought it, they said drive it for a few days and if youre not happy we'll give you a different one. we almost ended up doing that cause there were some scratch and marks and dead battery, some other srs stuff, but when we brought it back they said theres no more silver left, that we can have a black one, but we just kept the silver and they agreed to fix all the problems.

 
Rep Power: 0

Your situation is different because your car was new, and you weren't trying to get out of the deal, you just wanted a car with no defects, and most new car dealers will take care of that.

Signing a contract is a legal binding document, so you basically agreed to the finance rate and there's no getting out of it, but if there's a problem with the car that's a different story.

 
Rep Power: 247

so did you take it back

 
Rep Power: 336

The only reason you can back out of a contract within 3 business days is if they get you to sign the contract unlawfully or if the contractee was under the influence of a substance while agreeing to the terms of the contract.


So unless you're mom was under the influence while signing or they pointed a gun at her head, she won't be able to back out of it.

 
Rep Power: 0

Hmmm, I've been workiing for over 20 years dealing with contracts and that's the first time I ever heard that one. I know that in real estate you have 3 days after signing a contract to back out, so you have time for you or your lawyer to look over things like the HomeOwners Association Rules and Regulations and read over the finacing, insurance, and to make sure you have a clear title.

You could dispute a contract if the signee was under some sort of influence, mentally unstable and/or was pressured to sign it, but there's not really any time frame to do so.

 
Rep Power: 303

that is only on a refi anyways. a purchase has no recission. the only way is if the car has defects and the dealership is willing to fix the car or replace it. but the interest rate is still valid and there is no way to back out once you have driven the car off the lot

 
Rep Power: 328

Here in Nevada there is no 3 day rescision period. You have a buyer's due dilligence period which is determined by the contract, typically ten days, to decide whether or not you want to back out of the deal on a home purchase, but this is only on a resale property. Builders don't typically have a buyer's due dilligence period, because the house is brand new, and there are no inspections to be performed, save for appraisal. I don't know about car purchases, but in my line of work, once you've signed the contract, it is legally binding. Sorry to say...

 
Rep Power: 290

So, you ever gonna let us know how this turned out??

 
Rep Power: 303

ill tell you his mom had to keep the car...LOL

 
Rep Power: 583

how do you not realize what the interest rate is? is she a blonde?

jeezus fvcking christ...women with credit cards, i swear.

 
Rep Power: 290

Thanks for that, family car. I figured that. Still funny tho. Seriously, people are stupid. When I bought this car, and sat down with the finance guy, the first thing I asked about was the interest rate. With people like this kid's mom running around, I should've been a banker. I'd be loaded.

 
Rep Power: 303

i am a loan officer myself