Generally speaking, the Federal Truth in Lending Act protects consumers by assuring them "unconditional right" to rescind, or cancel, a car loan, and return the vehicle within three business days—including the actual day of the purchase—and retain the down payment and other costs.
Exceptions
There are five exceptions to the recission rule:
1) You financed it privately from a seller whose business isn't financing;
2) The total credit extended is less than $25,000;
3) The loan is secured solely by personal property in addition to the vehicle;
4) The vehicle is "used primarily for agricultural purposes" or;
5) You give up your right to rescind or choose not to receive it.
