The Cooling-Off Rule: The Purchase That You Regret

Pressured into making a purchase? You might want to take advantage of the Cooling-Off Rule.

Have you ever opened your front door to a very charismatic sales person trying to sell you something? Many people get talked into a purchase that they regret after the door closes but don’t realize there are laws in place to help. The Cooling-Off Rule essentially gives you three days to change your mind for certain purchases made outside of a store or permanent business location. Many transactions made at your home, dormitory, office, trade shows and convention centers apply. The purchase must be over $25 if at your residence and over $130 if it takes place at a temporary location. There are exceptions to the three day Cooling-Off Rule such as real estate transactions, and the rule does not cover purchases made online, by telephone or mail.

Remember, you have three business days to get a credit for an impulse purchase. On the fourth day, that vacuum cleaner is yours.

For more information, The Federal Trade Commission outlines which sales are covered and how to cancel on their website.

Buyers Remorse?

What the 3-Day Cooling-off Rule Is — And Isn’t