The problem is I already have the car but I can still go return it. For a full refund I want to keep the car with the new approved loan I got. Do I refinance it or do I talk with the dealer and bank first. The interest rate they gave me is far too high.
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Answers & Comments
the dealer will not take back the car, what I would do is take the new loan and use it to pay off the car then pay back the loan at the lower apr, you have to remember you are not paying on the car, you are paying on the loan you got to buy the car.
this happens only too often,,you have to check around first,don't leave to the dealer
What you can do is have your bank pay off the high interest loan and then you pay your bank. Next time do not use a car dealer to get a loan unless it is interest free. You usually do far better using your bank and getting pre-approved for a loan before you go looking for a car.
If the dealer you bought the car from allows returns, then simply return the car and buy it again using the new, lower interest financing.
'I can still go return it'.
Under what delusion do you get that notion from ? Because no, you can't. Well, you can return it, but the dealer doesn't have to give you a dime back, or release you from your signed sales contract terms.
The only way you can use a newer loan with a lower APR in such an instance is to use the new loan to pay off the first loan. But, the question that is what does the financing part of the sales contract say about early payoff of that loan.
You can't return a car, and if the interest rate was too high why did you agree to it?
If you already HAVE the car, the dealer is no longer involved. If you have been approved for a lower interest rate from a second bank, use THAT loan to pay off the FIRST loan.
Refinance, but first check your existing loan terms to see if there's a prepayment penalty.
I don't understand what you mean when you say you want a full refund but want to keep the car. It's your right to refinance if you so choose. If you can get better terms with another lender, then do so. If the dealer was really concerned about you or your welfare, then they would have worked harder to get you better financing. Just be careful about who you're borrowing money from and be certain about the terms of your new agreement.
This seems like an issue for your local taco bell. Why don't you contact the dealer you bought the car from?