Overhaulin'

Do i have a 3 day right to cancel a car loan that I took from the dealer on a new vehicle I just bought?

I want to keep the car, I just don't want the loan they gave me. It wasn't a good rate. My question is do I have 3 days to get out of the loan.

Public Comments

1. should have it called a cooling off period. in the uk
2. if it was done at the dealership...no! The only way you would have 3 days is if it was done off premises and that is iffy.
3. you need to read your contract very carefully. sometimes they slip those disclaimers in there and you never see it cuz its in fine print.
4. Did you not see the sign hanging on the wall that read "THERE IS NO COOLING OFF PERIOD"?????? No, the law does NOT vary state to state.... there is no such thing as a "3 day right to cancel" concerning car sales anywhere in the United States of America!!!!!!!!!!!! There is a law that if a salesperson comes knocking on your home and you agree to buy INSIDE YOUR HOME then you do get a 3 day right to cancel.... but we're talking vacuum and encyclopaedia salesmen here. Car dealers don't go home to home selling their junk. The only state with a right to cancel is CA but it's only on USED CARS priced less than $50,000 and you must PURCHASE this policy and it's only for 48 hours. The dealer is also entitled to a restocking fee which can cost hundreds more.
5. law varies state to state. call local BBB( Better Business Bureau)
6. The laws do not vary by state to state on this issue. There is absolutely no "right to recision". That rings true for NY, NJ, FL, SD, MN and the 45 other states i didn't list. You CANNOT take your car back unless it fall into the lemon law statute.
7. Depending on what state you are in there might be a three day law. This would specific that by law you have three days to return a car from the date of purchase. If one was to return the car now, you would get resale value for it and car prices go down tremendously after having been driven off the lot. It will probably be better if he can find a private seller for it.
8. NO! There is no law in any state that gives you the right to cancel a car deal. No "cooling off period", no "Right of Rescission", Zip, nada, zilch. Car sales are final. Next time, put a little more thought into what you are buying. Enjoy your new car.
9. your best bet is to wait a few months and go to another bank an re-finance...that'll get you a better rate.