- Dealerships are not required to hold a car for you once it has been traded in. Even if you have scheduled a pickup and provided proof of insurance, the dealership is not obligated to hold the car for you indefinitely.
- Dealerships may have a "cooling-off" period during which you can cancel the trade-in and get your car back. This period varies from state to state, so it is important to check the laws in your area. In some cases, you may have as little as 24 hours to cancel the trade-in.
- If you are outside the cooling-off period, you may have limited options. If the dealership has already sold the car, you may be able to get a refund for your trade-in value, but you may not be able to get the car back.
- You may have some recourse if the dealership acted in bad faith. For example, if the dealership knew that you were planning to pick up the car and sold it anyway, you may be able to take legal action.
To protect yourself when trading in a car, it is important to:
- Get everything in writing. Make sure that the trade-in agreement clearly states that the dealership will hold the car for you until a certain date.
- Read the fine print. Be sure to understand all of the terms and conditions of the trade-in agreement, including any cooling-off period.
- Take action quickly if you need to cancel the trade-in. If you change your mind about the trade-in, be sure to cancel it within the cooling-off period.
If you have any questions about your rights when trading in a car, you should speak to an attorney.
