No Right of Rescission
After my post on how to get out of a home loan by exercising your right of rescission, I was asked where else that right applies. Is it possible to use it to back out of a car loan or personal loan, for example?
Sorry. The answer is an emphatic ‘No.’
There is no right of rescission for car loans or personal loans. This means you can’t return a perfectly good car within a certain number of days if you have buyer’s remorse. For personal loans, I suppose you could just take the money you just received and turn around and pay it back, but that’s subject to the details of your loan. For example, if there’s a prepayment penalty, you’d be on the hook for that.
So, sorry unhappy car buyers. I can’t help you get your money back.
