Can I terminate a used auto contract less than 72 hours old?

Full question:

Can I terminate a used auto contract less than 72 hours old?

• Category: Contracts
• Subcategory: BuySell Agreements
• Date: 04/07/2025
• State: Texas

Answer:

No federal or state law gives you the right to cancel a contract to buy a car within 72 hours. However, any contract may be rescinded due to fraud.

Fraud consists of five elements:

1. The making of a false statement;

2. With knowledge that the statement is false or with reckless
disregard as to whether or not the statement is false or true;

3. With the intent that the listener rely on the statement;

4. With the result that the listener relies on the statement; and

5. With the consequence that the listener is harmed.