Tips on Buying Cars: When do you officially own a new car?, loan paperwork, toyota dealership

Question
I was at a Toyota dealership yesterday and traded my vehicle in for a new vehicle.  My husband and I signed a form which indicated all of the figures involved in the sale... their vehicle price, my trade-in price ... taxes, tags, etc.,  I also signed a document allowing them to pay-off my vehicle.  WE DID NOT sign any of the documents or bank loan paperwork yet.  We had to leave early - my husband had to work.  They told me to come back today to fill out the paperwork for the financial advisor.  They did send us home in their new vehicle.  After returning home and doing some research.. I realized that they marked up their vehicle by about 8,000 and I did not get a good interest rate on the loan.  I would like to get my vehicle back... along with the check that I gave them for a down payment.  Do I officially own this new car since I have not signed any of the loan paperwork?

Answer
Tara,

Thanks for your question.  Since you have not signed any of the documentation on the loan, you do not own the vehicle.  For you to be the legal owner, you have to sign all paperwork and take delivery of the vehicle, therefore in your case you did not sign all the bank documents, and you are not the legal owner.

Hope this helps.

Thanks - JB