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:
- State: Texas
Answer:
If you buy something at a store and later change your mind, you may not be able to return the merchandise. However, if you buy an item in your home or at a location that is not the seller's permanent place of business, you may be able to return the item. The Federal Trade Commission's (FTC's) Cooling-Off Rule gives you three days to cancel purchases of $25 or more. Under the Cooling-Off Rule, your right to cancel for a full refund extends until midnight of the third business day after the sale.
Unfortunately, there are exceptions, one of which will prevent you from returning your car to the dealership. There is an exception to the FTC rule for automobiles, vans, trucks, or other motor vehicles sold at temporary locations, provided the seller has at least one permanent place of business.
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.
