Cooling-Off Period: In Ohio, consumers have a three-day cooling-off period to cancel a vehicle purchase contract signed at the dealership. This period starts from the day the consumer signs the contract.
Cancellation Notice: To exercise the right to cancel, the consumer must provide written notice to the dealer canceling the contract. This notice must be delivered to the dealer within the three-day cooling-off period.
Vehicle Conditions: The cooling-off period only applies to vehicles that are not significantly damaged or damaged during a test drive. The vehicle must be returned to the dealer substantially as it was when the consumer received it.
Refund Amount: If the consumer cancels the contract within the cooling-off period, the dealer must refund all amounts paid by the consumer, including the down payment and any other charges or accessories.
Exceptions: There are certain exceptions to the cooling-off period, including:
* Vehicles purchased without a dealer's involvement (e.g., private sales).
* Vehicles traded in as part of a new vehicle purchase.
* Vehicles financed or leased through a credit union or bank.
* Vehicles purchased under certain commercial or business arrangements.
* Vehicles purchased online or through telemarketing.
It's important to note that the buyers remorse law in Ohio is only applicable to new car purchases. Used car purchases generally do not come with a cooling-off period.
Buyers who wish to exercise their rights under the cooling-off period should ensure they strictly follow the requirements, such as providing written notice within the specified timeframe and returning the vehicle in the same condition as it was received.
