How to Cancel a Car Loan

Video Transcript

"This is financial advisor, Patrick Munro, talking about how to cancel a car loan. Basically, when an individual has gone through the process of purchasing a car, and they've done the loan process as well, they have a lot of time invested, and money if they had to put a down payment down in that particular venture. However, all state agencies that an individual would be working with in states that car dealerships are in, which is every state, has a right of rescission, and it is three days. Under dealership laws and consumer protection laws, an individual can sign their car loan, drive away, and essentially if the car does not meet their criteria they have three days in which to rescind all of the contract and be made whole again. That is to say, they return the car in the way they received it, and also they then receive their down payment back. This is financial advisor, Patrick Munro, talking about the different ways that one can cancel a car loan."