simply because you got cold feet. Some lenders include a cancellation clause in the contract, but this is pretty rare. Some dealerships may also have return policies for a limited time following your vehicle purchase.
If you’re unable to cancel your car loan contract on your own, here are other options you could consider:
Trade in the car for a less expensive model
Sell the car on your own and use the cash to help pay off the loan
Surrender your car voluntarily to the dealership and pay off any remaining loan balance (keep in mind that this will cause a drop in your credit score)
Contact your car loan lender and discuss renegotiation options
Spend at least a few months (preferably longer) working on paying off the loan, then refinance the loan with a different lender
If the reason you have cold feet about your new car is that it’s turned out to be a lemon, or you suspect you were the victim of unfair business practices, you have some additional options:
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.