Ask Experts Questions for FREE Help !
Ask
    windriders's Avatar
    windriders Posts: 1, Reputation: 1
    New Member
     
    #1

    Nov 8, 2017, 09:27 AM
    Re-nig
    I sold a travel trailer to a party in good faith, and 5 hours later they changed their mind and brought it back demanding their money back. I had already used the money to pay off a personal loan I took to purchase it myself a couple of years earlier. They are saying they have 3 days to change their minds by law. I don't think that is true. What is the real truth on this? Thanks!
    ma0641's Avatar
    ma0641 Posts: 15,681, Reputation: 1012
    Uber Member
     
    #2

    Nov 8, 2017, 11:31 AM
    There is a federal law called the three-day cooling-off rule that protects consumers who have purchased something that costs $25 or more outside of a regular place of business. It does not pertain to vehicles. What does your state law say? We can't guess.
    ScottGem's Avatar
    ScottGem Posts: 64,970, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #3

    Nov 9, 2017, 05:58 AM
    This is generally called "right of rescission". So you can search on your state law (Note: any question on law needs to include your general locale as laws vary by area). The federal law only applies to home loans for an existing home. So it would appear to no apply in this case.

    So they may or may not be covered by your area's right of rescission laws. Another question here is whether you drew up a sales contract. If so did you specify the sale as "As-Is"? What reason did they give, by the way?

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.



View more questions Search