Regret a Purchase? Here’s How the Law Can Help You Avoid Buyer’s Remorse
You made a purchase. A few hours or a few days later, for whatever reason, you regret that purchasing decision. Now you’re left wondering what you can do to rectify the situation.
The good news is that buyer’s remorse laws can help you solve your problem. The bad news is there are many restrictions on the varying laws, and you need to act quickly if you want to be covered.
But what specific buyer’s remorse laws are? What will they cover? Continue reading to learn the answers to these questions and more.
The Cooling-off Rule
Enacted by the Federal Trade Commission, the “Cooling-Off Rule” is one of a few buyer’s remorse laws you need to know about. While there are many restrictions on what purchases are covered, this rule could help in several situations.
The cooling-off rule covers purchases that aren’t made at a seller’s primary place of business. This includes if purchases are made at trade shows, over the phone, or at a conference. It doesn’t cover purchases made online, in-store, or larger items like vehicles.
The rule states you have three days from the time of purchase to return items and get your money back, no matter the reason. To ensure you’re covered, the notice to formally cancel the sale must be made in writing. The letter needs to be postmarked by the end of the third business day to satisfy requirements.
Truth in Lending Act
The cooling-off rule doesn’t cover larger purchases. The Truth in Lending Act, however, covers certain home purchases. If you find a home you’re originally in love with but find it’s not what you hoped, this act could possibly help you.
The Truth in Lending Act requires lenders to provide borrowers with specific notices, including one that notifies them of a three-day cooling-off period. If these notices aren’t given when the loan is accepted, the borrower is allowed three years to cancel their loan.
This act doesn’t cover first-priority loans like purchase cash mortgages. What it does cover is all second-priority mortgages. These include:
- Refinancing loans
- Home improvement loans
- Home equity loans
Another buyer’s remorse law that might save you are individual warranties. This varies based on the purchase and may be offered by the seller or original manufacturer. To know how long you have to return a product, make sure you read the fine print in your purchasing agreement.
If there’s no official purchasing agreement, there are two other places you can check for warranty details. The first is on your receipt, which may have information on the bottom or backside. The second place is on the website of either the retailer or manufacturer.
Do You Have More Questions About Buyer’s Remorse Laws?
Everyone has suffered from buyer’s remorse. The good news is there are several ways the law can help you return your purchase. Remember, the sooner you act, the better.
Do you have more questions about buyer’s remorse laws?
Check out our other blog posts. You’ll find blogs on this and closely-related topics to help you dive further into the matter.