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Can I cancel a car purchase after signing the contract?

Can I cancel a car purchase after signing the contract?

Q: Is buyer's remorse normal after buying a car?

Yes, buyer's remorse is common after making a significant purchase like a car. Many people feel regret or anxiety about their decision. It's important to take time to evaluate your feelings and consider your financial situation.

Q: How do you get out of a vehicle you just bought?

To get out of a vehicle purchase, you can try negotiating with the dealership for a return or trade-in. However, most contracts are binding, and you may not have a legal right to cancel. Consulting with a legal professional can provide guidance.

Q: Is it possible to have buyer's remorse after buying a car?

Yes, it is possible to experience buyer's remorse after purchasing a car. This feeling can arise from concerns about affordability or the decision itself. It's important to assess your feelings and consider your financial situation.

Q: What if I can't afford the car I just bought?

If you can't afford the car you just bought, consider contacting the dealership to discuss options. You may be able to negotiate a trade-in or explore refinancing options. Seeking financial advice can also help you manage your situation.

Full question:

I purchased a car on impulse that I can't afford. I traded my car in, but the next day I had buyers remorse. I went to the dealership to try to renege on the agreement but they said I couldn't. It was always my understanding they you had 72 business hours to renege on a contract. They said that does not apply to car sales.

Category: Contracts
Subcategory: Recission
Date: 04/07/2025
State: Texas

Answer:

If you buy something at a store and later change your mind, you may not be able to return it. The Federal Trade Commission's (FTC's) Cooling-Off Rule allows you three days to cancel purchases of $25 or more made in your home or at a temporary location. However, this rule does not apply to car sales. There is an exception for automobiles, vans, trucks, or other motor vehicles sold at temporary locations, provided the seller has a permanent place of business. Therefore, you cannot cancel your car purchase after signing the contract.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

How many days after you purchase a car can you take it back?

Typically, you cannot return a car after purchase unless the dealership has a specific return policy. Most states do not have a law allowing you to return a car after signing the contract. Always check with your dealership for their policies.