Closing the deal
Once you’ve agreed on a sales price, the negotiating process doesn’t necessarily end. Car dealers generally divide the overall profits on any given vehicle into front-end profits — or what they make on the sales price — and back-end profits. The back-end profits are based on additional money the dealer makes on the transaction, from financing and extra services like extended warranties, insurance, roadside assistance agreements, safety kits and service agreements.
During the excitement you feel about your new car purchase, a salesperson might try to sell you such extras after settling on a price. Or some disreputable car dealerships might even add these things to your paperwork when you’re finalizing financing arrangements. Throughout the deal, it’s smart to watch the numbers on the bill of sale.
Changing your mind
As you make a down payment, be sure to ask if it’s refundable in case you change your mind before picking up the vehicle. In many states, vehicle deposits are fully refundable by law, no questions asked. But in some court cases, car dealers have won the right to keep deposits when customers cancelled deals.
Full of remorse
And even as you drive your new car home, the deal isn't necessarily sealed. Once you're away from the pressure of a car dealership, you may regret the purchase. In that case, you may be able to return the car without penalty — some states have “buyers' remorse laws,” which protect consumers who want to reverse a major purchase. Although the rules vary from state to state, you may have as many as three days, or 72 hours, from the date of purchase in which you can return the car. To see if such a law applies to you, contact the consumer affairs division of the attorney general's office for your state.
