Overhaulin'

Signed papers 4 days ago on new car loan, is it too late to lease instead?

I signed papers 4 days ago on a new car loan, since then I have thought about leasing, do I have any options? Is there a period where I can go back and ask for a lease vs buy? It is with Ford Motor Company. I have good credit, but I can see that the new payment may have more of an effect on my monthly budget than I thought. Does the buyer have a grace period where they can say, I changed my mind. I know I signed a Spot Delivery Agreement where the dealership can take the car back if financing is not obtained. Thanks

Public Comments

1. Read all your paperwork. There could be a grace period. You could just call and ask...
2. Normally, a car deal is final when the paperwork is signed. There's no cooling off or grace period. This is like closing the gate after the cattle have left the corral.
3. NOPE. Depending on what state you are in there might be a three day law. This would specific that by law you have three days to return a car from the date of purchase. If one was to return the car now, you would get resale value for it and car prices go down tremendously after having been driven off the lot. It will probably be better if he can find a private seller for it.
4. A little homework before shopping would have paid off. If you would have taken some time and figured out how much you can afford ahead of time, you wouldn't be in this situation. Live and learn, no sympathy here.
5. There is no law allowing you to cancel the current contract. BUT, if the dealer hasn't sent the financing to Ford for payment, they may be able to make a new contract for you. Call and ask.
6. No- No such thing as grace period. Your paperwork was turned into the Lender and paperwork is done.