Car Buying Secrets

Three Day Right of Rescission

By: Roosevelt Gist

All your months of auto research has come down to three cars. This weekend you have decided to visit the dealerships and test drive each of your choices and make that final selection.

The first and second choices were really not what you expected. It’s late and you’re tired but you want to test drive your third choice. You arrive at the dealership, greeted by the salesperson and pick out the exact car to test. It’s perfect.

You and the salesperson are back in the dealership ready to negotiate a price. Since it’s getting late you really hurry through the process and agree upon a price. The car is prepped while you sit in the finance office signing the loan papers and now that dream car is yours. You’re on your way home.

You wake up Sunday morning and it hits you, "I should not have bought that car." You rationalize that the payments are too high and your old car really would last another year. That would give you more time to save more money to make a larger down payment.

Monday morning you’re at the dealership wanting to give the car back. The salesperson is confused and management says "no way, you own it." You think that you can return the car because you didn’t keep it for three days - three day right of rescission. Unfortunately this law does not apply if you purchase your car at the dealership. Some manufacturers are testing voluntary programs that do let you return a car in three days if you’re not satisfied. But you didn’t buy under those conditions.

The three day right of rescission was enacted to protect buyers from door to door sales. Purchasing from a salesperson in your home and in some cases at a retail establishment gives you 72 hours before the sale becomes final.

Buyers remorse is the main reason car buyers want to return cars. To some the anxiety of making such a large expenditure can be overwhelming.

Before buying your next car take your time, be sure you can afford it and it’s the right vehicle for your needs. Check with your local motor vehicle department to determine under what conditions, if any, you may return the car to the dealership. Making a car purchase is a major buy and you should give it your full attention.

Questions to ask the salesperson: May I return this car in 72 hours are less? Under what conditions would I be able to return this car? Does your dealership have a satisfaction guaranteed policy?