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Car Leasing, Car Financing
#872 of 904 Re: Carmax buy offer [kyfdx]
Nov 16, 2011 (10:31 am)
Never heard of one for a car sale or lease. Man, that would be a tough state to be a car dealer in. Way too many second thoughts later for so many folks...
#873 of 904 Re: Carmax buy offer [kyfdx]
by Kirstie@Edmunds HOST
Nov 16, 2011 (10:42 am)
In contrast, the number of people who incorrectly BELIEVE there is a cooling-off period is probably uncountable. My state (Missouri) certainly doesn't, but I've had numerous people try to tell me that we do. I'm not sure where they're getting this info, but it must be from the same source, as all of them "know" the cooling-off period is exactly 3 days.
#874 of 904 Re: Carmax buy offer [kirstie_h]
Nov 16, 2011 (11:56 am)
Probably from home purchases and refinancing, I think in most states there is a period after a real estate contract is signed or real estate refinanced / financed when you can change your mind.
Some used car dealers offer to take your car back in x days if you don't like it. Some limit it to a credit toward another car (not cash back). You would not find too many new car dealers offering that deal as they would have a lot full of "used" cars in no time.
#875 of 904 Re: Carmax buy offer [dwynne]
by kyfdx@Edmunds HOST
Nov 16, 2011 (1:01 pm)
Agreed.... home refinancing is one that applies here..
The big one: Sales made in a customer's home...
I've heard Minnesota's cooling-off period laws are pretty liberal... but, that's just anecdotal..
#877 of 904 Re: Carmax buy offer [fushigi]
Nov 16, 2011 (8:38 pm)
One has to remember that cooling off periods for contracts are usually allowed only when both parties can be made whole if the contract is cancelled. Once a car is driven off a lot its value diminishes and undoing the contract puts undue hardship on the dealer as the asset they get back would be worth less.
I suppose that if you press it hard enough in a court the judge may (and I say may) have a kind heart and offer to order they deal unwound on condition that you reimburse the dealership for any diminished value in the returned car. But I wouldn't count on that.
#878 of 904 Re: Carmax buy offer [fushigi]
Nov 17, 2011 (8:06 pm)
rming, Carmax issues bank drafts rather than check to allow time for thwir paperwork w/ dmv to go through. Should they have issues w/ legitimacy of transferring ownership , then they can cancel the draft. You would get your car back. There have been a couple occasions in their 20 yrs of buying/selling cars, where they took a stolen car without their knowledge. They're not dumb asses!
You did steal your new car. The dealership should've called the police! The poor sales person made NOTHING off your sale and they do that for a living. Nothing wrong with making a little money off of you, just don't have to make all of it off of you.
As far as what the dealer sold a similar car as your trade, they spend money reconditioning it before selling it. Doesn't matter if you took excellent care of it. Iy's a used car! If a dealer didn't buy your trade for wholesale and sell it retail, they'd go out of business. Why do I have to explain marketing 101 to you. LoL
Instead of being greedy and gotta have it all, a fair deal is when you get a fair price and the sales associate gets a fair commission. The dealership most likely gave you the deal you begged and pleaded for b/c they made enough off of other customers that month to take a loss.
I'm in sales but not automotive sales. The economy is so bad that people think they shouldn't have to pay retail for anything these days. First words out of their mouths are "do I get a discount?" Then I hear their sob story.
Everyone can afford more than they say they can. It's okay for the consumer to get all the savings but the retailer shouldn't get anything??
Anyone in sales would understand where I'm coming from and would agree I'm sure. That's all I'm going to say. Lol
Nov 17, 2011 (8:19 pm)
There isn't any such law regarding a cooling off period or rescission period.
#880 of 904 Re: Buyers' Remorse [spunkyblond]
Nov 18, 2011 (1:31 am)
The Federal law everyone thinks covers car sales is actually only for something like in-home sales with a company based more than 150 miles away. Then you get 3 days to cancel.
Or some complicated circumstances such as these.
In most states, you buy a car and drive it onto the street, it's yours.
#881 of 904 Carmax buyer experience
Jan 21, 2012 (9:27 am)
On 12/26/11, I purchased a 2006 Chevy Silverado from Carmax in Houston, TX. On 1/2/12 (conveniently outside the return period) I began noticing a grinding in the accelerato pedal at around 45 m.p.h. (1100-1200 rpm.) I took it back to the closest dealer to have it checked out. After wasting my entire day, they told me there was no apparent mechanical problem and sent me on my way, truck with a clean bill of health. Then I moved to San Angelo, TX for an internship. Shortly after my move, the noise began presenting itself again. I set up an appointment to have the vehicle checked out on 1/19/12 so I could get in under the 30-day warranty. I had to drive to the nearest Carmax in Austin, TX which is over 3 hours away. On Thursday, the service manager(?) called me an said his technician thought the issue was in the transmission and was sending it to their trusted transmission shop. He then told me I would hear from him by noon on Friday. At 2:30 p.m. on Friday, I called him to get some news about my vehicle. He told me that the transmission shop had found no issue and was towing the truck back to them and he would not be able to work on it again until Monday. In this time frame, I did get a loaner and was assured by the service manager (?) that I would not be charged for anything since the work began within the 30 day timeframe. So, no I am going to have to waste another 6+ hour roundtrip to get my truck back. I am seriously considering looking into all of the class-action suits and seeing if there is a way around their 5 day return limit. Clearly, this vehicle would have failed an inspection at the hands of a competent technician. I am less than enthused about this purchase.