Tips on Buying Cars: returning a used car, right of rescission, best case scenario

Question
QUESTION: I just took home a used car.  24 hours ago.  today, i discovered that a large sum of money due to me on contract is now going to be hard to get.  (i.e.  owners filing bankruptcy) I spoke to a lawyer and the best case scenario is 6 months with 40 to 50% on the dollar.  I am a small self employed entity.  I bought the car with a stretch as it is.  I cannot do the agreement.  What are my options?
I have looked at this from every angle possible.  All I can see is to humble my self and go back to dealer tomorrow and ask for the best.
I placed money down.  I had it for a day.  What are my options?  What can I expect from the dealer?
I am in dire straits, and the repercussions right now are serious.
I appreciate your taking the time


ANSWER: Michael,

Thanks for your question.  Depending on what state you are in, you might have a 3 day right of rescission, although most states don't have that.  All I can tell you to do, is to go back to the dealership and talk to the General Manager of the dealership and simply like you said humble yourself, and be nice, and walk in and explain the situation to them, and see what they can do to help you, and it is really up to them as to what they do.  Hopefully they will work with you and help you out in some form or fashion.  I caution you to walk in there humbled and not be a jerk.  I say that because a lot of people walk in to a dealership wanting their help and act like a fool, and the dealership is much less willing to help them out in that situation.  

Hope this helps.

Thanks - JB

---------- FOLLOW-UP ----------

QUESTION: From the following website, the FTC info on used cars is as follows

http://www.ftc.gov/bcp/edu/pubs/consumer/autos/aut03.shtm

"Dealers are not required by law to give used car buyers a three-day right to cancel. The right to return the car in a few days for a refund exists only if the dealer grants this privilege to buyers. Dealers may describe the right to cancel as a "cooling-off" period, a money-back guarantee, or a "no questions asked" return policy. Before you purchase from a dealer, ask about the dealer's return policy, get it in writing and read it carefully."

I appreciate your response.

Answer
Michael,

Thanks for the information.  That is the federal law, and each state can have laws that superceed the federal law or add to the federal law.  The general federal law is that dealers do not have to give buyers a "cooling off period".  However, in states such as California, the state law superceeds the federal law and has a 3 day cooling off period.  Once again, you need to go to the dealership and speak to the General Manager and see if you can work something out with them.  They may not let you back out, and be prepared for that.  It is up to the dealership as to what they will and will not allow for, again, unless there is a state law that superceeds the federal law.  For example in the State of Texas where I live, there is not a cooling off period, and it is up to the dealership what they will allow and not allow.

Hope this helps.

Thanks - JB