When buying a vehicle, it is easy to get caught up in the excitement and anticipation of such an important purchase. Some consumers may not realize there is no “cooling off” period when you buy a vehicle, even if you have buyer’s remorse.
Understanding the contract, financing, warranties and any other details involved in the purchase before signing anything are important steps to having a positive purchase experience.
Here are some helpful tips:
- Read and understand the contract. Documents such as worksheets, in-house deposit agreements, deposit receipts and other documents are not a bill of sale.
- Get a bill of sale and review it to be sure all information is accurate and complete. Use a vehicle purchase guide to ensure the bill of sale contains all the relevant information.
- Once you sign the contract, the vehicle is yours and you have contractually agreed to buy the vehicle. It is important that you stop shopping after you sign a purchase contract.
- The only way you can cancel the contract is if the seller has a policy that says you may.
- Verify the details of the finance agreement and be sure all reported income and down payment amounts are correct.
- Get all promises, as well as clarification on terms, conditions and price that are not clear to you in writing. Use a fully completed bill of sale, not just a deposit agreement, which includes all of the mandatory information to best protect yourself from price increases.
- Make sure that any warranty is in writing and read it carefully. Make sure that you understand the terms and conditions of the warranties and get, in writing, any details of what is covered and for how long, what’s not covered, and what your responsibilities are.
AMVIC provides helpful consumer resources on amvic.org in the form of downloadable and printable guides on multiple topics, including budgeting for a vehicle, buying a new or used vehicle and shopping online.