Pursuant to the purchase contract the car dealer is required to return to you all consideration given for the purchase. This includes your trade-in vehicle. If you gave a $2,000 down payment and a car as a trade-in and later you decide to return the car you purchased, the car dealer is required to give you back both the $2,000 and the trade-in.
In the event when a car dealer has already sold your trade-in, he may offer you the value of the trade-in as listed on the purchase contract. The language of the purchase contract does not appear to give the car dealer this option. It requires the return of the trade-in. However, if the car dealer does sell your trade-in, you should tell the car dealer that he is required to give you whatever is the highest value for your trade-in out of the following:
- the value of the trade-in that is listed on the purchase contract,
- the fair market value, or
- the price the car dealer received when it sold your trade-in.
