How long after an automobile purchase contract is signed can you rescind it?
Question Details: Last Wednesday evening we signed a purchase contract for a car but Thursday morning I sent the sales person an email stating that we realized we couldn't afford it. We never took position of the car, however he said that we cannot get out of the contract. Is he right?
He is right, unfortunately. There is no "cooling off" period or right of rescission to an automobile contract; as with most contracts, you are obligated to the contract as soon as you put pen to paper and sign it. Also, unfortunately, not being able to afford the car is not grounds to get out of the contract, either.
Unfrtunately, in your satte, there is no right to rescind a contract for the purchase of a vehicle, otherwise known as the "cooling off period". Further, not being able to afford the payment is not grounds to void the contract. Accordingly, you can be held to the transaction even if you never took possession of the vehicle.