Cancel Car ContractThis is today’s question: If I sign a contract to buy a car, do I have three days to change my mind and cancel the contract?

To get right to the answer, no. Not in Maryland.

Many consumers mistakenly believe all contracts allow a 3-day cooling-off period during which you can cancel the contract.

Generally, however, there’s no cooling-off period after you sign a contract. In Maryland, only a few types of transactions — such as door-to-door sales contracts — allow you three business days to cancel.

However, if the dealer promised finance terms, such as a certain interest rate or monthly payment, and is unable to honor those terms, you can’t be forced to accept other terms. In that situation, you may cancel the contract.

Click here to return to the Law Talk page or here to go to our home page.

**This article is designed to provide helpful information that can be read within 2 minutes. It is neither a full explanation of this subject nor legal advice. To learn more, and to get legal advice on which you can rely, contact me or another lawyer.