Is there a rescission period on contracts when signing for financing new car?

In the United States, the rescission period for contracts when signing for financing a new car depends on the state. Most states have a "cooling-off" period of 2 to 3 days during which a buyer can cancel the contract without penalty. However, there may be exceptions to this rule, so it's important to check the laws in your state.

To exercise the right of rescission, you must notify the dealer in writing within the rescission period. You can do this by sending a certified letter or by hand-delivering a notice to the dealer. Be sure to keep a copy of the notice for your records.

Once the rescission period has expired, you are generally bound by the terms of the contract. However, there are some situations where you may be able to cancel the contract even after the rescission period has expired. These situations include:

* If the dealer has made a material misrepresentation or omission about the car.

* If the car does not meet the terms of the contract.

* If the financing falls through.

If you have any questions about your rights to rescind a contract for a new car, it's important to talk to an attorney.