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In California, can I return a car to the dealer if I didn't sign a full-coverage insurance agreement?
I financed a car through a local dealership, but I didn't get a good deal. The dealer forgot to give me a full-coverage insurance agreement to sign, but they've promised to upgrade my car if I sign it. Can I return the car to the dealer so my bank will void the loan since I didn't sign this agreement?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Most lenders, whether they be banks, credit unions, or dealerships, require full-coverage
car insurance
on a financed vehicle. The reason why your dealer is now trying to sweeten the deal for you is because they shouldn’t have let you drive off the lot in a car without full coverage.However, while not signing this paper could void your loan, it’s not a 100% guarantee. You’ll have to talk to your lender to find out what happens if you refuse to sign this portion of the agreement—although it’s reasonable to expect that the loan may become void.
It is a bit unethical to refuse signing the insurance agreement for your new car simply because you have buyer’s remorse, so if you really don’t want the car, call your lender.
Pro tip: You may also want to refer to your Car Buyer’s Bill of Rights, which should be included with your sale documents.
View full answer
- Gregory R.
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