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Right to Rescind Purchases

Contrary to general assumption, there is no federal law giving buyers the right to cancel their new car purchase within three days of sale. The often-cited Federal Trade Commission (FTC) “Cooling Off” law is only effective for door-to-door sales or sales made at other than the seller’s place of business. However, many states have enacted their own versions of the FTC law, affording broader protections than what the federal law does. Prior to purchase, prospective buyers should check with their state’s attorney general’s office to see if automobile purchases are covered under state law.

Inside Right to Rescind Purchases