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Is there a 3 day cooling off period after a car has been purchased in TX

San Antonio, TX |

I purchased a vehicle through Drivetime...a last chance credit buy here pay here sorta place. Anyway, I thought it was my only option considering my not so great credit. The sold me a 16,000 dollar car with 17.32% interest making a 2006 suzuki forenza 24,000+ I have never bought a car before, never had a credit card, I had no idea this was a TERRIBLE INTEREST RATE The same night i found out from a friend of mine that I could be approved through her credit union for an 18,000 loan at 9 percent and could purchase a brand new car. I went in the next day, got approved for the loan, and EVERYONE i spoke to (friends, family, etc) said that dealerships have to take cars back within 3 days of purchase, something about the contract not being valid until then. So, i went ahead and purchased a car that day (day1 after buying the first car) that same day I called drivetime (day 1) and got stonewalled....I got told that the loan officer who processed my loan was off for the next 2 days and there was absoultely no one else who could help me with this.I even went INTO the office on day 2 to speak to a manager, who wouldn't even see me. I called the 1800 customer care who told me the same thing. If I had waited to speak to my loan processor it would have been outside of my 3 day window. Anyway, so a friend of mine said she would take the car, pay for it and that would be that. It seemed like my only resolution, and so I did it. I procrastinated writing out some sort of written contract for the 2 of us to sign to make her legally obligated (i am so full of mistakes here) and 4 days ago she brings the car back to me and says (after driving it for nearly a month) that she cannot pay for the car she has to have surgery and will be out of work for 2 months and cannot afford it. So, here I am with 2 cars, unable to afford to pay for both. I realize my mistake was purchasing the new car before making sure drivetime would take my car back, and then not further pushing the issue with drivetime when my friend offered to buy the car. Anyway, I'm thinking my only optino here may be voluntary repo to drivetime,...and I don't even know what kind of lawyer to contact to see if I have any other options.

Attorney Answers 5


  1. I don't practice law in Texas, but I have bought cars in a few different states. Every car dealership I have ever been to has signs stating there is no 3-day cooling off period for car purchases. See if you can use your newly approved loan to refinance your old loan. Other than that, it sounds like you are stuck with the Suzuki


  2. I concur with my colleague that there is no cooling off period for a car purchase. You are thinking of consumer products foisted off on you in the home where there is indeed a 3 day cooling off period. In the meantime enjoy your Suzuki; at least you didn't buy a Smart Car.


  3. There is no 3 day right to cancel anything in life unless (1) it says so in your sales paperwork, or (2) they sell it to you in your own home. But that doesn't mean you are stuck with the car. You just have to get smart on finding a legal way out of the deal. Subprime car finance companies often charge higher than necessary rates to consumers who actually might qualify for a lower rate loan, without telling the consumer about it and that can violate your state's Unfair and Deceptive Acts and Practices law. That may be what happened to you. Texas has one of the stronger consumer protection (Udap) laws in the country (every state has one of these laws) and some lawyers in that state are even certified as knowledgeable in Consumer Law. The area of law you are involved in is often called Autofraud or Auto Sales Fraud and Texas has some of the best autofraud lawyers too, so you're lucky there. Get to a local Consumer Law lawyer right away, take all your paperwork with you too. Tell him/her what happened and find out what your rights are. To find a local lawyer who deals with cases like this, call your local attorney's Bar Association (there's usually one in each county or city) or you can look at this web site page for a national list of Consumer Law lawyers (http://ohiolemonlaw.com/locate-a-local-attorney.html) and find the ones in your state and pick one nearest you. Also, don't wait. For every legal right you have, you only have a limited amount of time to do something about it by filing a lawsuit in court or your legal rights are lost. One of the possible laws involved in your case is the Truth In Lending Act (if the amount financed was under $25,000) and it requires filing a lawsuit within 1 year of the sale.


  4. There is no 3 day right to cancel anything in life unless (1) it says so in your sales paperwork, or (2) they sell it to you in your own home. But that doesn't mean you are stuck with the car. You just have to get smart on finding a legal way out of the deal. Subprime car finance companies often charge higher than necessary rates to consumers who actually might qualify for a lower rate loan, without telling the consumer about it and that can violate your state's Unfair and Deceptive Acts and Practices law. That may be what happened to you. Texas has one of the stronger consumer protection (Udap) laws in the country (every state has one of these laws) and some lawyers in that state are even certified as knowledgeable in Consumer Law. The area of law you are involved in is often called Autofraud or Auto Sales Fraud and Texas has some of the best autofraud lawyers too, so you're lucky there. Get to a local Consumer Law lawyer right away, take all your paperwork with you too. Tell him/her what happened and find out what your rights are. To find a local lawyer who deals with cases like this, call your local attorney's Bar Association (there's usually one in each county or city) or you can look at this web site page for a national list of Consumer Law lawyers (http://ohiolemonlaw.com/locate-a-local-attorney.html) and find the ones in your state and pick one nearest you. Also, don't wait. For every legal right you have, you only have a limited amount of time to do something about it by filing a lawsuit in court or your legal rights are lost. One of the possible laws involved in your case is the Truth In Lending Act (if the amount financed was under $25,000) and it requires filing a lawsuit within 1 year of the sale.


  5. THERE IS NO 3 DAY CHANCE TO GET OUT OF A CAR PURCHASE IN TEXAS

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