What to do if I used my car as a trade-in to purchase another car but 2 days later I decided the car I traded was in way better condition than the one that I purchased?

The only way they were willing to give me my car back is by adding about $4,000 on top of my loan for their “expenses”. Can I fight this to get my money back, being that it was only 2 days later?

Asked on January 11, 2013 under Business Law, Wisconsin

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Unfortunately no: there is no legal right to rescind (or undo) a transaction like this, unless you can show that the seller committed fraud in some way--that is, that the seller intentionally misrepresented (lied) to you about something material (important) to get you to enter into the transaction. The fact that you decided you like your old  car better is not grounds for rescission.

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Based upon what you have written about you made a contract that seemingly you are obligated under. If you want your former car back then you have to enter into a whole new transaction to do so which may not be in your best economic interests.

The chances of you succeeding in a legal action against the person who has your former car does not seem likely based upon what you have written for the simple fact you voluntarily entered into the deal you made thinking it was good at the time and in hindsight, you made a mistake.


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