Trade In My Car In Tallassee, TN - We Come To YOU In 24-48 Hours (2024)

FAQs

How many days do you have to return a car in TN? ›

Tennessee law is clear that there is no cooling-off period for car purchases. This three-day cooling-off rule is a federal law that is meant to protect consumers from high-pressure sales that occur door-to-door.

The best mileage range to trade in a car is often between 30-40,000 miles or between two and three years old, before your new car warranties expire. You're more likely to receive a higher trade-in appraisal when it has fewer miles on it and more of its warranty left .

You can trade a financed car at any point, but you may want to consider waiting a year or more. This is due to depreciation, which can see a new vehicle drop as much as 20% in value during the first year of ownership. However, if you have negative equity on a vehicle, you can still move forward with a trade.

Your vehicle will be less desirable to car buyers if it has more than 100,000 miles on it, even if it continues to run well. Vehicles with overly high mileage are more likely to require expensive repairs, which makes them a risky investment.

Can you return a used car? Dealers are NOT required by Tennessee or federal law to give used car buyers a right to cancel their contract. According to the Federal Trade Commission, "...the right to return the car in a few days for a refund exists only if the dealer chooses to offer this privilege.

(iv) To pay off the agreed upon indebtedness on the trade- in vehicle within thirty (30) days after the dealer has received funding from the financial institution on the financing contract for the new purchase.

When Not to Trade In a Car. Although there are exceptions to this rule — as there are for most rules — don't trade in a car that is worth less than what you owe. In other words, if you get less when trading it in than the loan payoff, don't do it.

Although you can trade in a car that's not yet paid off, it's usually best to wait until the vehicle has been entirely paid off before you trade it in—especially if your car is worth less than what you owe on it.

If you don't like the car, you can exchange it for one you like or get a refund. In addition, some dealerships have exchange programs where you have a limited number of days to exchange the vehicle. Remember that excessive depreciation or putting too many miles on the car could prevent you from returning it.

When you trade in a car that you have equity in, the dealer will pay the remainder of the loan and subtract the equity from the price of the less expensive car. If the equity of your trade-in exceeds the price of the car your trading for, the dealer will cut you a check for the difference.

Is it smart to trade in your car when you still owe? ›

Trading in a car generally helps you reduce how much you'll need to borrow when buying another vehicle, but if you have a balance on your current auto loan, you may be encouraged to roll your existing balance into a new loan, which will increase your total loan costs and the interest you'll pay over the life of your ...

How Does Trading in a Car Work? When you trade in your car, the dealer determines the vehicle's value based on the market and then deducts that amount from your new car's purchase price. If you still have an auto loan on your old car, the dealer pays it off once the car is traded in.

"After about the first 40,000 miles, vehicles depreciate at a slow and steady pace. The most dramatic drop-off is actually during the first 20,000 miles," Edmunds Senior Analyst Ivan Drury said. "The 100,000-mile myth is really just a psychological barrier that more and more car buyers are getting past.

Somewhere in between the 50,000-mile and 60,000-mile mark seems to be the sweet spot for selling used cars. Once your car reaches 60,000 miles, you might have to start dealing with more major repairs than you had to tackle before. You can avoid them while still making a nice profit when you sell your car at this point.

According to Edmunds, there's a significant drop in the first 2-3 years, and another at the four-year mark. Selling in between those drops will generally net you the best value. After that, the next big drop usually happens at around eight years.

Three Day "Cooling Off" Periods On Consumer Transactions

Many consumers think they have three days to cancel any contract they enter into. That is not true! You, as a consumer, do have the specific right to cancel certain transactions under Tennessee Law.

The Act states the car must be “of a satisfactory quality”, “fit for purpose” and “as described”. (For a used car, “satisfactory quality” takes into account the car's age and mileage.) You have a right to reject something faulty and you're entitled to a full refund within 30 days of purchase in most cases.

The Tennessee lemon law defines “reasonable number of attempts” as three or more attempts for the same problem without success. The lemon law also defines reasonable attempts to mean it is unreasonable for a car to be in service repair for 30 business days or more.

You can call the salesperson and see if anything can be worked out to unwind the deal. You can say that you discovered you do not really like the vehicle, or the purchase is going to stretch your budget too far for your comfort. You may have to work with the sales manager or general manager.