DEAR JEFF: I bought a used car, and have now changed my mind. When I tried to take it back to the car dealer, they told me the deal has been made, and they won’t refund my money. I thought I had three days to change my mind — isn’t that right? Thanks, “Buyer’s Remorse”
Dear “Buyer’s Remorse”: The so-called “Three Day Rule” is often misunderstood. It actually only applies to certain consumer transactions that are entered into away from a place of business. Usually, these types of purchases involve telemarketing or door-to-door sales. In those situations, an installment agreement entered into can be rescinded within three business days from the date of purchase. The three day rule typically does not apply to used car purchases.