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In the state of NJ can you return within 3 days a newly purchased car

Customer Question
I just purchased a used...
I just purchased a used car from the Kia''s dealership. I already had a car which I was told because my credit was already low I could just return it to the bank. After thinking a day I don''t want to do that. This is the third day and I left the new car at the dealership. They are saying that you can''t return a car and there''s no 3 day grace period. Is that true?
Submitted: 9 years ago.Category: Legal
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Answered in 7 minutes by:
5/15/2008
Lawyer: rvlaw, Lawyer (JD) replied 9 years ago
rvlaw
rvlaw, Lawyer (JD)
Category: Legal
Satisfied Customers: 8,387
Experience: NYC Trial Atty. 30 yrs.- pers. inj., contracts, real estate, criminal, estates, matrimonial.
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Hi,

There is no 3 day right to cancel a car purchase in NJ. Sorry. Here is where NJ stands on cancellations:

http://blog.laborlawtalk.com/2006/12/05/new-jersey-buyers-remorse-laws/

Rich

rvlaw
rvlaw, Lawyer (JD)
Category: Legal
Satisfied Customers: 8,387
Experience: NYC Trial Atty. 30 yrs.- pers. inj., contracts, real estate, criminal, estates, matrimonial.
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Customer reply replied 9 years ago
So, if I turn back to the bank my old car what consequences will I face? I just purchased a home can they place a judgement against me? Should I try to pay to settle with HSBC bank they say I owe 17,248.79 this new car is 21,922 what am I going to do?
Lawyer: rvlaw, Lawyer (JD) replied 9 years ago

I assume HSBC holds the loan on the old car and you owe 17K+.

Here's the problem If you return it....it is a voluntary repossession. It is unlikely that the bank will take it and give you a full release of your loan. Check the loan contract, but like with any repossession, the bank sells it at auction...they get less than 17K and can sue you for the deficiency, getting a judgment against you which is an automatic lien on your house, land etc. and can be collected against assets like bank accounts. Wish I had better news.

rich

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