1. Applies to Used Cars Only: The 72-hour Buyer's Remorse Period is only applicable to used car purchases, not new cars.
2. Must be a Dealership: The vehicle must be purchased from a licensed car dealership, not a private seller.
3. Written Contract Required: The right to rescind is only valid if the car purchase agreement is in writing and includes the following statement in bold, 12-point font:
_"You may cancel the contract for any reason within 72 hours beginning midnight of the day you sign this contract."_
4. Cooling-Off Period: If the car purchase contract includes the required statement mentioned above, you have a 3-day or 72-hour period (excluding Sundays and holidays) after signing the contract to cancel the deal.
5. Returning the Vehicle: To exercise the right of rescission, you must return the vehicle to the dealership where you bought it. You should also provide a written notice of rescission to the dealer.
6. Vehicle Condition: The vehicle must be returned in the same condition as when you received it, with no excessive wear or damage beyond normal use. Any damage caused by you may result in additional charges
7. Dealer's Responsibilities: Upon successful rescission, the dealer is required to refund any payments you made, including the purchase price, down payment, and any other associated fees. The refund should be issued within 10 days of receiving the vehicle and your written notice of cancellation.
Before exercising the 72-hour Buyer's Remorse Period, it's important to carefully read and understand the terms and conditions of your specific car purchase agreement, as some dealerships may have additional requirements or exceptions. If you have any doubts or questions, consult with a legal professional who specializes in consumer protection laws.
