Just last night, less than 18 hours before the time of this writing, I signed a contract with a dealership to buy a used car, and they offered me an option to back out for $350. I declined that but signed the contract and drove the car home, leaving a check for the down payment. Unfortunately, the car wasn't a good deal and the insurance was too high.

I brought it back, left it and the keys with the dealer, basically told them I want out, and after hearing their fuss I had a friend pick me up and put a stop on my down payment check.

What next? I expect some sort of repercussion for this, but am I screwed?

More information: The car itself was financed for roughly $8999 for 48 months (not too bad here), or $13000 after all its interest (but pretty bad here), and the insurance for me would've been roughly $2500 a year for the four years, for a total of $23,000 (and that excludes repairs) for a vehicle of over 128,000 miles. I'll take a little more time with signing next time. :S

I my a little confused with your post.

They offered to let you back out for $350., but at that point there were no deposit ? according to you , you signed the contract and then left a check ?

With you stopping the cheque and dealer having no cash in hand, they will try to scare you, but I don't think it will go beyond that. What was your interest rate ? your credit score must be blemished ?

"They offered to let you back out for $350., but at that point there were no deposit ? according to you , you signed the contract and then left a check ?"

Well, the down payment was $1000, for which I wrote a check. The cooling off option was offered for another $350 which the finance man said would raise the monthly payment. I declined that.

The interest rate was 15.9%. Eek. My credit is around 640-ish so there is that.

Glad to hear you say that, really. I haven't received any phone calls at all yet, and the car, keys and all paperwork are still at the dealer. Should I bother to talk to either the GM or to the finance company?

Leave all as is, any more contact post, post it.

Will do. Glad I found this forum. :) You're also corroborating what a friend and former car salesman has told me, so that calms my nerves quite a bit.

Thanks Ray!

Just a brief update for journalistic posterity. It's March 30, I have not been contacted whatsoever by the dealer, and I gave back the car on March 21. I have noticed that they've moved the car from where I left it, and if they've moved it, then they've obviously discussed it. Neither the dealer nor Toyota Financial has tried to contact me by phone (no bullying at all), and the check was indeed stopped. (It has not been cashed.) The first month's bill is expected 30 days after March 20, or April 19, but I'm thinking now that the deal has been unwound.

Any thoughts on this, Ray? Thanks again.

You are in the clear, and very lucky it was a check that you were able to stop, and not cash.

When your ready to buy another vehicle, send me a link or , run it by me before you get in trouble once again . lol

Wow, I really dodged a bullet with this one... Hehe, I'll run something by you first, you got it.