This only applies to purchases of new cars from certified dealerships.
To cancel the vehicle purchase, you must complete the following steps:
1. **Read the Retail Install Sales Agreement:
• Check for the cooling off provision.**
- This provision, sometimes referred to as the "right of rescission" or "3-day cancellation right," allows you to cancel the sale.
• Look for the cancellation language:
- It should specifically state that you can cancel the sale.
- If you can't find it, ask the dealer about the cooling-off provision before signing the contract.
• Review the contract's cancellation instructions.
- Follow these instructions carefully to ensure your cancellation is effective.
2. Send a Written Cancellation:
- Write a clear and concise letter to cancel the contract (sample here).
- Express your intention to rescind or cancel the contract.
- Reference the 3-day cooling off period and include relevant information such as your name, vehicle description, purchase date, and dealership information.
3. Deliver or Mail the Cancellation Letter:
• Deliver the letter to the dealer's business address or mail it certified with return receipt requested to ensure documentation.
• Ensure you send it within three business days (excluding Sundays and holidays) from signing the contract.
• Keep a copy of the signed contract, proof of purchase, and any other relevant documents.
4. Return the Vehicle:
- If you returned it, make sure you get something from the dealer acknowledging return.
- Be sure to return all documents, keys, and accessories that came with the vehicle.
- Some dealers will require that you return the vehicle. If you are unable to return the vehicle (due to mechanical problems or your location), discuss with the dealer your options for completing the cancellation process.
5. Get Your Refund:
• Once you cancel, the dealer has 10 days to return all your money and down payments.
• Get a written acknowledgment from the dealer stating the same.
If the dealer fails to comply with the cooling-off period or refuses to accept the cancellation, you can file a complaint with the NJ MVC or seek legal advice.
