Is there a right to get out of a contract within 3-4 days after signing?
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Is there a right to get out of a contract within 3-4 days after signing?
We recently financed 2 vehicles and now found ourselves unable to pay them. Are we able to take them to the dealer with no problems? We just signed the paperwork last evening. I thought there was a 3-4 day window there for the financing?
Asked on September 13, 2011 under General Practice, Pennsylvania
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
What you are referring to here is what is known as a "3-day right of rescission". This is a legal tool which provides consumers with the right to cancel contracts that they have entered into within 72 hours. Although, as a general rule, it applies only to a few types of transactions. For example unsolicited sales, real estate mortgages and timeshares. Unfortunately auto financing is not covered in PA.
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