I traded in my car yesterday which I completely regret already. I signed a ton of paperwork and agreed to give them a 3,000 down payment this Friday and then that will finalize everything with a final signature. I thought about it and want out of it is it to late? If I’m stuck in the car loan and can’t make the down payment right away will they take the car?
Yes, they can repossess the vehicle if downpayment wasn't made.
This answer is provided for general information purpose only. It must not be construed to be considered a formal legal advice and does not form an attorney-client relationship.
The short answer is yes. Typically, the car is collateral for the loan. If you fail to fulfill the terms of your contract and pay, then the lender may repossess the car and sue you for the remaining balance of the contract.
That said, if you purchased a new vehicle and have issues with it, you do have 18 months or 18,000 miles to take it back to the dealer for repairs. If the dealer cannot fix the problem after multiple attempts, then you have the right to return the vehicle to the dealer. See https://www.in.gov/attorneygeneral/files/Consumer_Bill_of_Rights.pdf
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