how long do you have after you sign a contract on a car loan to break it?

Answer 1

The above answerers are morons.....

THERE IS NO "COOLING OFF" PERIOD ANYWHERE IN AMERICA!!!!!!!!!!!! (except in CA where you can purchase a 48 hour "cooling off" policy on used cars for a fee).

Once you sign that contract you can't rescind it!!!!!!!!!!! Having buyer's remorse? TOUGH! You shouldn't have signed the contract!!!!!!!

Don't you people read the sign on the walls at dealerships that tells you you can't cancel a contract for any reason????????????

The "Lemon Law" has NOTHING to do with buyer's remorse! It's a law that protects you when your car turns out to be a "lemon"..... with chronic mechanical problems that can't be fixed after a reasonable number of tries. Then you can take the manufacturer to arbitration where you can exchange the car or get a refund.

The "3 day" law only applies to sales made inside your home. If a vacuum salesman comes knocking on your door and you agree to purchase just to get him out of your home then you can rescind the contract within 72 hours. Unless the car salesman came to your door this law does not apply to car sales!!!!!!!!!

Answer 2

Most states do NOT allow any sort of cooling off period. This is a common misconception. Only if the transaction was finalized in your home, is there a cooling off period of three days. If you picked up your car from a dealer, signed the contract, and took delivery, you may not return the car.

Go back to the dealer and ask if they will apply the loan to a different car before they send in for registration, they probably will not but it's worth a try.

Lemon law only applies to certain instances of mechanical failure, not customers changing their mind.

Answer 3

Some places it's 3 days, others it's a cooling off period of 30 days...depends. Also depends on how far along the car loan deal is...if you've made a first payment already, you may be committed. If you signed the papers a few days ago...you can likely still cancel but there may very well be a penalty payment of some sort.

Good luck

Answer 4

Generally the terms for cancellation are stated right in the contract. You can always exit a car loan by selling the car. as long as you get as much for it as the pay-off, you're good to go.

Answer 5

Yes there is a cooling off period on a car but sometimes this is wavered on the contract so your best to have a look at the paperwork and see if it's mentioned if not contact the dealer and ask about it. Good luck.

Answer 6

Even though banks and financial institutions swear that interest rates are non-negotiable, they could still make a few adjustments if you list a few honest issues with the high rates. This can be done only if you have finalized the property you would like to buy and you need it as soon as possible. Also, if it is the end of the month, it could prove to be beneficial for you. Sales persons have an aggregate number of sales that they need to complete every month; so in order to complete their target; they are bound to give you certain benefits.

Answer 7

Depends on the state, most have a 3 or 5 day period. I believe your contract will state the time you have. Call a local bank they will know.

Answer 8

In the state of NJ, you have 3 business days. Otherwise it is considered breach of contract. All kinds of things can get messed up

Answer 9

Depends on your state. Here in PA there is NO cooling off period on new vehicles. However, if your copy of the bank contract does not have the dealer's signature, it is VOID! so check your paperwork...

Answer 10

I think you have only a couple days but I thought I heard something like 30 days not sure. Maybe call a dealership.