View Full Version : OK contract law on purchases



old okie
08-18-2010, 09:44 PM
Don't know where else to post this question. Does OK have a law that allows a buyer three days to "undo" a purchase contract? Thought I'd heard it did, but need to know. Also, does the law apply to auto purchases?

Thanks for any info.

Thunder
08-19-2010, 01:19 AM
You need to be specific on what kind of purchase contract.

The last I've known about auto purchases...you have 7 days to return, but once you pay the tax and purchase a tag, it will be considered used...and you will probably have a hard time returning.

flintysooner
08-19-2010, 05:36 AM
I don't think there is a universal three day cooling off period. That used to apply to door-to-door type sales as I remember. There was supposed to be notice, too. Certainly might have changed.

The only thing I remember about something similar for cars is the Oklahoma Lemon Law which is definitely not a buyers' remorse law.

Certainly could be mistaken on both issues.

BBatesokc
08-19-2010, 06:36 AM
New cars qualify under the Federal Lemon Law but it really doesn't mean much since new cars are already covered against major defects by the maker. Also, you'd have to have the exact same issue repaired 3-4 times or show it was a major unrepairable defect (again this would have been covered anyway).

As for used cars sold as-is, no warranty - it's "buyer beware," meaning unless it was an undisclosed defect you can prove they knew about, youre screwed.

As for retail items its up to each individual retailer to post their policies. Places like Sam's Club get my business because their return policy is so liberal. I once returned an item over a year old with no hassle at all. Larger retailers tend to give you 90 days while a few give as few as 7 or offer exchanges only. Very small stores may offer no returns at all an insist you only have the warranty and must deal with the manufacturer.

Of course there is always civil court if the purchase was large enough to warrant such action.

I do remember though from my 2nd job at night as a bar tending instructor that as a licensed private school we had to give people so many days after signing the tuition agreement to back out if hey changed their mind.

kevinpate
08-19-2010, 08:13 AM
I don't think there is a universal three day cooling off period. That used to apply to door-to-door type sales as I remember. There was supposed to be notice, too. Certainly might have changed.

The only thing I remember about something similar for cars is the Oklahoma Lemon Law which is definitely not a buyers' remorse law.

Certainly could be mistaken on both issues.

You're only mistaken in the belief that the limited three day rule used to be applicable to certain sales. it still exists for certain matters, but cars are not one of those matters.
The 3 day rule applies to in-home solicitation (think Hoovers, Kirbys and Ginsu type items and their knockoffs.) With cars, after you sign the papers and drive away, you are driving your car, not sampling their ride while you mull over a decision.

And yes, there is a Lemon law in Oklahoma, but it has nothing to do with simply changing one's mind about the deal after cooling off from the excitement of a purchase.

old okie
08-19-2010, 10:25 AM
Thanks to all of you for the info. Fortunately, we haven't purchased a car yet, and this will help with the realization that the decision will be "final" when, and if, made.

BBatesokc
08-19-2010, 10:34 AM
Our family car buying rules are, buy no newer than 3-4 years (biggest depreciation in years 0-4, and higher insurance), pay cash, try to buy from an individual as opposed to a dealer (people get a false sense of security by buying from a dealer, but you will pay more $$$ for it), and place the priority on 'the deal' not the car (as long as it meets your basic needs).

Then always have the car checked out by your mechanic (though keep in mind they will only be able to find the most obvious of red flags) and do a CarFax.

I personally look for an individual owner who wants a new car themselves but is not happy with the trade-in value the dealer is offering. Give them $500 over trade in and you've usually got yourself a deal. The funniest ads to me are the ones who advertise, "I just want enough to pay the car off." Yeah, I bet you do.