As an LMCT, you are legally obliged to give buyers a cooling-off period after they sign a contract to buy a new or used car. The cooling-off period gives the buyer three clear business days after they sign the contract to change their mind. However, if a buyer chooses to accept delivery of a vehicle during the three day cooling-off period, they.. FTC "Cooling Off" Rule Consumers have a three-day cooling off period to cancel certain sales for a full refund. The FTC's Cooling Off Rule applies to "door-to-door sales," defined as the "sale, lease, or rental of consumer goods or services" for at least $25, which takes place somewhere other than the seller's usual place of.
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If the FTC Cooling-Off rule applies, you have 3 days to exercise your right to get out of the contract and get a full refund. This period lasts until midnight of the third business day after the sale. For this rule, Saturday is considered a business day, but Sundays and federal holidays are not. Here are some examples:. This factsheet provides you information about the right to cancel a contract with a motor car trader using the cooling-off period in the Motor Car Traders Act 1986 (Vic). The Law Handbook provides information about other rights you might have. If you want to try to get out of contract with a motor car trader, seek legal advice immediately.
