Generally, no, you cannot directly change a car you are purchasing into a lease after you've signed the purchase contract. The transaction is legally binding once you drive off the lot. However, there are a few potential pathways, though they are often complex and can be costly. Your main options involve returning the car under a state's "cooling-off" rule (which is very rare), negotiating a trade-in with the dealership for a new lease, or exploring a third-party lease assumption site.
The most commonly cited option is a trade-in. You would essentially be selling the newly purchased car back to the dealership or another dealer to lease a different vehicle. This is fraught with financial risk due to instant depreciation; a new car's value drops significantly the moment it is driven off the lot. You will likely face negative equity, meaning you owe more on the purchase loan than the car is currently worth. This difference would need to be paid out-of-pocket or rolled into the new lease, increasing your monthly payments.
Some states, like California, have so-called "cooling-off" laws, but these typically apply to specific door-to-door sales or certain off-site transactions, not to dealership car purchases. The Federal Trade Commission's Cooling-Off Rule does not cover vehicle sales. Your best course of action is to communicate directly with the dealership's finance manager. They are motivated to sell cars and may work with you if a lease is more viable, but be prepared for the financial implications.
| Option | How It Works | Key Considerations & Potential Costs |
|---|
| Dealership Trade-In | Sell the car back to the dealer to settle the purchase loan, then initiate a new lease on a different vehicle. | High risk of negative equity; requires strong negotiation; early loan payoff may have penalties. |
| Third-Party Sale | Sell the car to a private party or online retailer (e.g., CarMax, Carvana) to pay off the loan. | May get a higher price than a trade-in, but still likely a loss; hassle of a private sale. |
| Lease Assumption Swap | Use a service like Swapalease or LeaseTrader to find someone to take over your loan payments. | Lenders rarely allow this for purchase loans; not a true lease; requires lender approval. |
| State Cooling-Off Law | Attempt to return the car under a state-specific law that allows contract cancellation. | Extremely rare; most states have no such protection for in-dealership vehicle purchases. |
| Lender Refinancing | Ask your lender if they can refinance the purchase into a lease agreement. | This is highly unusual and most lenders do not offer this service; the original contract is binding. |
