What to do if I tried to cancel a used car purchase within 3 business days and they said this was not possible?

UPDATED: Mar 17, 2012

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What to do if I tried to cancel a used car purchase within 3 business days and they said this was not possible?

Asked on March 17, 2012 under General Practice, Texas


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

There is no general right to rescind or cancel a used car purchase--or a new car purchase, or indeed, the vast majority of purchases--within three days. Contracts and agreements, such as contracts or agreements to purchase a car, are generally binding and enforceable from the moment you agree to them forward.  You may be thinking of the mortgage context: there is three-day right to rescind a mortgage, under the federal truth in lending act (TILA).

It is true that TILA applies to more than just mortgages (though mortgages are the most  common, or at least high-profile, applicaton for it)--however, TILA  only applies to the financing or loan, not to the underlying purchase. Thus, for example, TILA has no bearing at  all on cash transactions. And even in when you can rescind the financing (or loan) under TILA, rescinding the financing does not necessarily mean you have rescinded the purchase itself--you might still be obligated on the sale, and now have to come up with a different way to pay for it.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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