Can I revoke a contract for a car purchase?

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Can I revoke a contract for a car purchase?

If I signed a purchase and sales agreement on Saturday but have not taken delivery of the vehicle yet, can I get out of the contract? Even if the dealership has faxed the lienholder info on my present vehicle to pay it off? The agreement was to take delivery of the new vehicle on Monday.

Asked on January 30, 2011 under General Practice, Vermont

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

What you are referring to here is a "3-day right of rescission".  This is a legal tool which provides consumers with the right to cancel certain contracts that they have entered into.  However, this right of rescission is uncommon. It only applies to a select few types of transactions and, unfortunately for you, car purchases in VT are not among them.  Therefore you are bound by the terms of your purchase contract.

Note:  If there is some defect with the vehicle (you did not indicate), your situation may be covered by VT's "lemon law".


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