Can you cancel a new car purchase if you haven't driven it off the lot?

Question

We live in California. My sister-in-law signed a contract to buy a new car yesterday and today realized that she does no have the financing she thought she did to afford it. Can she cancel the contract since she hasn't driven it yet or is she screwed because she signed the purchase contract? Is it just at the discretion of the company? She's freaking out, so I figured I'd ask.

Answer 1

i think she can cancel it but once you drive it off the lot, did you know that the value goes down 20,000.

Answer 2

There is usually a 72 hour right of recision with any contract. She will probably lose her deposit.

Answer 3

No sale is complete until delivery, she signed a contact ( an agreement to purchase), and If her financing is not available, she cannot complete the sale and has lost nothing, not even her deposit!  Inform dealer's finance manager of the situation and he/she will void the paperwork.

Answer 4

You will need to check the laws in CA. In some states, you have three days to cancel the contract. And, seeing as she has not taken possession of the vehicle, she may be able to get out of the contract. After all, she does not have the money.

Answer 5

She can still cancel, she may lose her deposit though.

Answer 6

Usually anywhere in the US a car deal can be canceled by the buyer within 3 business days without penalty and with a full refund of all money exchanged.  Other details vary from state to state.