Does Ohio have an impulse to buy clause because I bought a car I can not afford?
Full Question:
Answer:
Buyer's remorse is an emotional response on the part of a buyer in a sales transaction, which may involve feelings of regret, fear, depression or anxiety. Although there are laws to protect consumers who buy defective products or who are led to make purchases based on misleading advertising, there is generally no rule or law that absolutely requires merchants to offer refunds, exchanges or credits on the items they sell. If there is a genuine, serious, and material error involved in a purchase, the consumer should consider whether the merchant has a return, exchange or refund policy. If the product itself is somehow defective, buyers should try to discover the warranties or guarantees that cover the product (if any). In some areas, cancellation clauses are placed in contracts. The Magnuson-Moss Act sets minimum standards for product warranties, makes a company that financed the sale responsible for product defects, and creates liability for "implied" warranties (when the circumstances show that a warranty the product was free from defects was intended) as well as express (stated) warranties.
Some laws regarding major purchases allow for a "cooling off" period in which the consumer can return the item or cancel the contract with no penalty. Used car dealers are not generally required by law to give used car buyers a three-day right to cancel. The right to return the car in a few days for a refund exists only if the dealer grants this privilege to buyers. Federal and state laws provide certain protections for consumers who purchase items sold outside the vendor's usual place of business. Under the Federal Trade Commission's (FTC's) "Cooling Off Rule," consumers have until midnight of the third business day after signing a contract to cancel the contract. This rule applies when a consumer has entered a contract for more than $25 made at a place other than the seller's regular place of business. The Cooling-Off Rule guarantees the customer's right to cancel a sale and to receive a full refund. If the customer notifies the seller of the intent to cancel the purchase within the cooling-off period, the customer is entitled to a full refund, and any contract that the customer signed must be rescinded without further obligation. Under the FTC's Cooling-Off Rule the seller must inform customers about their cancellation rights. Additionally, the seller is obligated to provide customers with two copies of a cancellation form and a copy of the contract or receipt. The contract or receipt must be in the same language that was used in the sales presentation and must contain the date of the sale, the seller's name and address and an explanation of right to cancel the sale. Some types of sales cannot be canceled even if they do occur in locations normally covered by the rules, such as sales where the purchase results from negotiations at the site where the seller's goods are regularly sold.
