Q: Is there a three day exchange or cancellation policy mandated by law when buying a new automobile?
A: The three day cancellation policy (sometimes called the three day cooling off rule) generally applies to door-to-door sales or sales made away from the normal business location. When buying a new vehicle, unless it is written into the contact or mandated by local law, you cannot return it after you have signed the paperwork and taken possession of it. When purchasing a pre-owned or used vehicle, some dealers do have exchange policies. It is important to read the fine print before making your final decision. Check with your local consumer protection agency to find out what is applicable in your area.