PDA

View Full Version : NC recission



jcauseyfd
April 1st, 2008, 09:47 AM
OK, I think I know the answer to this question, but I have not been able to find anything definitive (yet). Does anyone know if NC has any laws relative to a new car purchase rescission (e.g. a cooling off period)? Trying to help a friend who has buyer's remorse after a transaction last night. I know dealers can rescind, but not sure if they must rescind.

Anyone who knows for certain?

TIA!!!

BlimeyCabrio
April 1st, 2008, 10:13 AM
As far as I know, there is NO "automatic" right to rescission on new car purchases in NC. This article and the Roy Cooper quote support that...

http://www.bankrate.com/brm/news/DrDon/20061201_down_payment_rescission_a1.asp

My understanding is that if (a) you sign a purchase agreement and (b) you drive it off the lot, then (c) you own it.

Any other terms would be in the fine print of the purchase agreement. If it doesn't offer a rescission clause (and I wouldn't expect one) then there isn't one.

wscruiser
April 1st, 2008, 11:25 PM
OK, I think I know the answer to this question, but I have not been able to find anything definitive (yet). Does anyone know if NC has any laws relative to a new car purchase rescission (e.g. a cooling off period)? Trying to help a friend who has buyer's remorse after a transaction last night. I know dealers can rescind, but not sure if they must rescind.

Anyone who knows for certain?

TIA!!!

I don't think there is such a "law" for automobile purchases.

Here is a link to an article that I found that may answer your question.

http://seattlepi.nwsource.com/lifestyle/338230_consumer06.html

welcha
April 2nd, 2008, 08:55 AM
This link goes to a Yahoo! discussion about the NC situation. Hope it is helpful:
http://answers.yahoo.com/question/index?qid=20080115170453AAeuUbO

jcauseyfd
April 2nd, 2008, 09:09 AM
Thanks for the replies and links to other info. Very helpful. I ended up calling DMV in Raleigh (well, at least their customer service line - maybe it was going to some women's prison somewhere???) to ask and they verified for me that there is no law in NC regarding a rescission period.

Interestingly, when my friend spoke to the dealership, they claimed there was a three day rescission period for used cars, but not new cars. That would appear to be incorrect as well.

fwiw, this was a Nissan dealer. I know that in the past I have dealt with both a Chevrolet dealer and a Pontiac dealer who permitted rescissions. In talking with a local Honda dealer yesterday, they indicated their "policy" was to allow a 24 hour period. And last night as I was going to bed I saw the commercial for Carmax advertising their five day return period - I don't think my friend would want to see that right now.