So...

So, I went to a dealership looking for my first car (zero credit) and they gave me the option of pic related for 500 downpayment and 72 month financing with 350 per month. I didn't pay the 500 but the dealership was running the financing options and told me they were gonna call me tomorrow since it was getting late but supposedly I was "preapproved". I don't think going through with it is a good idea since the interest is huge (car was around 15k). Can I just back out of the deal since I didn't pay anything? I just signed a sheet with the approximate of what I was going to pay, the seller even scribbled a lot in it so it shouldn't be an official document, right?

tl;dr shit deal on a car, didn't pay anything but signed a sheet with an estimate of the financing. Can I back out?

Can't tell if this is bait or not, but what you're describing is how poor people stay poor.

You have to pay what you agreed. No buyers remorse allowed.

Read the document - what did you sign? I would say yeah you can definitely go back. When they call you again you give them a clear no and thats it.

laws governing this are different in all countries so noone can help you without knowing what country your in

What state op? Did you take the car home?

If you didnt sign finance papers securing the loan you should be good, but your non existent credit took a hit from them running your credit. Better find a car ASAP before those hit your credit repot.

USA. Texas, specifically.

Post the document you signed.

You signed an offer sheet. It's nothing more than a sales tactic. You're fine.

Texas. I didn't take the car home nor signed the financing documents. The call I'm supposed to receive tomorrow is I guess to confirm the financing options with the bank and to go back to the dealership to sign everything. I was thinking about calling before that and just say I'm no longer interested since I didn't pay anything at all.

They kept it and I didn't take pictures of it, sorry. But the contents mostly displayed the car model, price before and after rebates, the downpayment required (1k, but negotiated to 500, not payed btw.) and the monthly payment range (350-375).

I'm really hoping that's the case. I realize I should've done some research beforehand but I wanted to just look at options and got tangled in their tactics.

It is. I've been through this numerous times. Even returned a car once, after a week, because they couldn't get me the interest rate they promised. Like I said, you're fine. Tell them you don't want it.

So heres an idea, now that you've avoided a major financial mistake. Buy a used car for $1,000. Drive it until the brakes fall off while you build your credit/save up for a new car. Just because someone will finance you doesnt mean you should do it.

You just took a shit lot of weight from my mind. Thanks for that!

Will definitely do that. Thanks!

lol get a 4k car, man. honda or toyota

>They kept it and I didn't take pictures of it, sorry. But the contents mostly displayed the car model, price before and after rebates, the downpayment required (1k, but negotiated to 500, not payed btw.) and the monthly payment range (350-375).

you should be fine. it seems like an agreement to the pricing. as in "haggling is over, this is what you agree to pay if you buy"

signing what is called a "purchase agreement" would have fucked you over but that would have necesitated putting the 500 down at that moment.

now all this being said OP, buy a god damn used car. in the first 2 years of a cars life it depreciates more than the entire rest of its life. you can buy a 2014 off lease car for 7000 or 8000.

and dont finance through a dealer. take a line of credit from your bank with an option to pay more if you want. that way you can pay quicker

No prob dude, ive been in your situation before.

Also witnessed.

This. Also go through your bank because dealers will often increase your interest rate for more profit. It's called Participation, look it up.

Yep, you're OK. Do what the others said. Call tomorrow, tell them you are no longer interested and leave it at that.

One thing they don't tell you is that for them to finance it, you have to carry Full Coverage insurance, which will cost you an arm and a leg, and if you figure the cost of that, plus the interest over the timeline of the loan, plus the car payments themselves, it just isn't worth it.

Personally, I've always bought good used cars and paid for them outright. I'd do the exact same if I were to buy a new one.

Best advice

Didn't even notice my first trips ever. Cool.

Thanks for the advice guys, will give then a call first thing tomorrow and start looking for that used car.

>start looking for that used car.
as mentioned above by another user, your gonna want to get a honda or a toyota.

>cheap plentiful parts
>reliability
>good on gas
>cheaper insurance due to designation as economy cars

>negotiated to 500
You didn't negotiate jack shit, you still need to pay the other 500 in time just not upfront, you're still going to pay whatever they're asking for the car when you negotiate you need to talk about the total price of the car and talk them down and then work out the down payment and monthly bills , second always read whatever you read so you don't have these kinds of mistakes or get yourself into agreements you can't get out of legally, but if you do fuck up most dealerships, at least in California and used cars, have a fee you can pay to get out of the agreement and return the car

I agree, if you have the money to afford something more, such as a Japanese car, it would be a smarter investment as it would most likely last longer.

I believe American cars however are less expensive parts, and lower insurance due to less money to repair and less risk of being stolen.

You're good. Even if you signed a contract, which you didn't, most states have laws that allow you to back out within a certain number of days.

Want to know how to stay poor? Borrow money to buy things.

>Want to know how to stay poor? Borrow money to buy things.

i agree if its something irrelevant like a tv or a home renovation but a car loan is acceptable provided you keep in mind that you DO need to pay the whole thing PLUS interest. so take out the smallest loan possible for the cheapest good car you think works for you, NOT the 35,000 sports car.

Hard to tell nowadays what is an American car and what isn't. I've owned a Honda made in Canada and a Subaru made in Indiana. People who drive BMW SUV's probably think they have a German car and don't know they're made in South Carolina. Your Ford or Chevy might be made in Canada or Mexico.

No doubt.

Best thing to do is research the hell outta the car(s) you're interested in, do vin checks to slim down risk of mileage fraud, reported accidents, maintenance, and read common repairs/complaints/affordability cost. It will never fully ensure your bright investment, but it would certainly have less likelihood of making a bad one.

Your good OP I use to sell whips as long as you didn’t go through finance your fine usually when they say it’s getting late that means your a jack which ain’t or can’t buy shit and put you in their leads to try and bump you for a down payment hope you didn’t give your number cuz they bug you every other day trying to bring you in