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

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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

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 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in when you can rescind the financing (or loan) under TILA, rescinding the financing does not necessarily mean you have rescinded the purchase itself--you might still be obligated on the sale, and now have to come up with a different way to pay for it.


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