The current car return policy is now a standard feature in the vehicle buying process, particularly at this time when consumers insist on higher levels of protection and flexibility. With significant financial commitments at risk, buyers want the ability to back out of something if a vehicle doesn’t deliver. So many dealerships and manufacturers now offer formalized return programs that lay out the who, what, and when of bringing a car back after you buy it.
A good return policy on a car outlines the terms and conditions for returning the car, such as time frames, mileage thresholds, and condition stipulations. While some programs only allow a very short period, such as a day or two to check out a vehicle, others provide more extensive satisfaction protection. These can be anything from a number of miles buyers can drive before a return would not be accepted, for example. It’s probably a good idea to go over these requirements before offering it, as not all customers will meet the criteria.
Please note that not all dealers automatically accept returns. That’s why it is important for buyers to validate the specifics of any policy before closing a purchase. Most leases stipulate that the vehicle is to be returned in substantially the same condition it was delivered, free of additional damage, excessive wear, or unauthorized alterations. There are a few dealerships that inspect the car to make sure it hasn’t been modified or driven beyond its limits.
Financing is the second main point associated with the car return policy. If a car was purchased with a loan, giving the car back can involve working with the lender. Returning items in most instances cancels a financing agreement, but in some cases, extra steps may need to be followed to complete the reversal. Reviewing these items on the front end prevents surprises and makes it clear to the buyer how refunds or adjustments will be handled.
Trading a vehicle affects how much you get back when returning a car. And if a buyer traded in an old vehicle as part of the deal, how the trade-in is valued can affect what kind of credit is refunded. Leaving the full trade value may result in walking away with nothing, but there are valid reasons for this. Some programs give back the entire trade-in value, and others apply only a portion of it based on how your old agreement was structured. Identifying this fact early on can help avoid confusion if the customer chooses to return his or her recently bought car!
In general, a generous vehicle return policy gives drivers the peace of mind to make big car decisions without worrying unduly. Once buyers understand the constraints of a program, have documented circumstances, and ask specific questions, they can come to the table with more confidence and latitude.
Andrew Richardson is the author of this Article. To know more about what is Lemon law please visit our website: allenstewart.com
