What is the cooling off period for car purchase contracts?

Written by tammy hong
  • Share
  • Tweet
  • Share
  • Pin
  • Email
What is the cooling off period for car purchase contracts?
Cooling off after a purchase (luxury car - model toy car image by alma_sacra from Fotolia.com)

Buying a vehicle, like any other purchase, can be done impulsively. While many general purchases allow you to return or exchange the item once you've had time to think about it, purchasing a car is different.

Other People Are Reading

Purchasing a New Car

There is no cooling period when purchasing a new car in the United States. When you buy a new vehicle and sign the contract, you are bound by it.

Purchasing a Used Car

Check with your state's policy on cooling periods, some have it and others don't. In California, for example, consumers may request a two-day sales contract cancellation option. Depending on the used-car dealer or seller, restrictions may apply.

Leasing a Car

Depending on the company, your leasing company may allow a cooling period. In New Jersey, you have a one-day cooling-off period to give you time to review the unsigned lease terms.

Companies' Policy

When you lease or purchase a vehicle, the company may have its own specific policy that's apart from the state's regulation. Before you sign the contract, be sure to ask them about a cooling-off period. For example, Saturn gives consumers up to 30 days or 1,500 miles to exchange their newly purchased car for another Saturn vehicle. CarMax offers buyers a five-day money-back guarantee on used car sales.

Don't Miss

Filter:
  • All types
  • Articles
  • Slideshows
  • Videos
Sort:
  • Most relevant
  • Most popular
  • Most recent

No articles available

No slideshows available

No videos available

By using the eHow.co.uk site, you consent to the use of cookies. For more information, please see our Cookie policy.