I have 3 days to return the car.
It is a common myth among consumers that with every new and used vehicle purchase they have 3 days to change their mind and take the vehicle back, this is known as the three day right to rescission. This is partially true but considered a myth because the right to rescission is only applicable to new vehicle purchases that are delivered from a dealers licensed facility.
I haven’t paid the dealer a check, so I don’t have to buy the car.
This is false. You plan on obtaining financing at your credit union, but you don’t have the check in hand yet. The dealer will ask you to sign their contract so they can let you leave in the car until you bring a check back from your credit union. You may change your mind about the car, but once you sign a retail installment contract with a dealer, the dealer has obligated you to purchase the car and can decide to “cash that contract”. At that time there is nothing you can do. Your signed contract is legally binding.
Certified used cars are the best.
Another myth is that you have to purchase a certified car in order to get a good used car. This is 100% inaccurate. Manufacturers use certification as a tool to make the dealer additional money. It forces the consumer to purchase a vehicle from a franchised dealer. These dealers have overhead to pay and they pass these costs along to the customer. They also have multiple profit centers such as service departments and parts departments they will pressure you into using. Don’t be fooled by the word “certified”. Let a MAC representative educate you on the full pre-owned market.
I’ll get a better deal at the dealer if I wait until the end of the month.
Most people think that if they wait until the end of the month dealers are willing to drop prices to meet sales quotas. This is 100% inaccurate as dealers pay the same amount for cars at any point in the month as will you.
Learn more about the car business with a free consultation with a MAC representative nearest you.
