Tips on Buying Cars: Car return policy, purchasing a new car, buyout price

Question
I purchased a brand new vehicle less than 24 hours ago. I had a car coming off lease in April ( 3 months), and needed to make a decision on keeping my car or purchasing a new car. I only had 16k on the leased car in three years. Now I regret my decision and wished I kept my car because financially makes more sense with my plans to keep my old car. What are the procedures to return the new car and get my car back, and buy it out at the original buyout price. Is this even possible? Also how will this affect my loan can.

Answer
Mike,

Thanks for your question. First thing is first.  Depending on which state you are in you may or may not have a cooling off period.  If you don't, then it is up to the dealership as to whether they will let you back out of the deal.  Most dealers will not!  If you are in a state that has a cooling off period, then there are procedures to that and they have to let you back out.  Most states do not have a cooling off period.  You need to research and see if your state does.  If it does not, then you are at the mercy of the dealership, and they very well may not back out of the deal.

Hope this helps.

Thanks - JB