csbuyersguide: Myth: I have 3 days to return my car


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Wednesday, October 15, 2008

Myth: I have 3 days to return my car

Simple answer is NO. There is not a provision, law, or documentation any where that would give the right or possibility of rescinding a vehicle purchase from a dealership.

Straight out of Colorado Department of Revenues web site “The right to rescind does not cover motor vehicle/powersports vehicles purchased at a dealership. Once you sign a buyer's order and the appropriate forms required by law, you have bought a motor vehicle/powersports vehicle.”

So where does this myth come from? Well apparently there a situations that you would have a so called “cooling off” period, or a three (3) day right to rescind.

From contract law on the Colorado Bar Association:

Home Solicitations: Consumer has 3 day right if all of the following are true
1. the contract is signed in the consumer’s residence or another person’s residence
2. the sale was not previously negotiated at a business establishment
3. the purchase was made on credit without use of a credit card.

Charitable Organizations.
Security Interests in a Home
Buyers Clubs
Time Shares
Dance Clubs
Ect… the list goes on it can be read here if you would like. Moral of the story as I have said before make sure you know what you are getting in to. Make sure you have done your home work. Research, research, then do some more research. And never let your emotions get involved in the purchase of anything. Buyers remorse is just that buyers remorse and there is nothing that can help you after the contracts have been signed.

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1 comment:

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