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KiplingerSep 17, 2022
Car Buyers: The 3-Day Grace Period Is Just a Myth!
Let's say you purchase a used car from a dealership and later want to bring it back for a refund. Do you have the legal right to get your money back regardless of the reason? Does the "Three-Day Cooling Off Period" apply?

That's what "Mack" thought.

‘I Looked Under the Seats and Found Drug Paraphernalia!' "I bought a used SUV two days ago and want to take it back to the dealer for a refund, but when I told them why they laughed at me and refused," Mack told me in a call recently.

When I asked if there was anything mechanically wrong with the vehicle, he replied, "No, it drives fine, but it is what I found under the front seats that scares me: dangerous drug paraphernalia." His tone of voice grew increasingly strident the longer we spoke.

And what was he looking for under the front seats?

SEE MORE PODCAST: Car-Buying in an Inflated Market with Jenni Newman "For money or jewelry sometimes that winds up there, but instead I found vaping equipment! That's illegal! I don't know what other illegal items are in the car, and I want my money back! Also, don't I have three days to cancel the contract?"

I explained to Mack that while there is such a thing as a Three-Day Cooling-Off Rule, in most all cases - including this one - it doesn't apply to car purchases. And besides, in his state, mere possession of vaping hardware is not illegal. Unless he had the right to bring the car back for a refund - spelled out in the sales contract - the dealership could decline his request.                                                                 

Car Buyers Shouldn't Believe the 3-Day Myth                                                          

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