How can I get out of a car finance contract in Illinois?

I just bought a car today and I regret it. I believe that I have 72 hours to cancel the deal in the state of Illinois. Does anyone know for sure?

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  • Anonymous
    1 decade ago
    Favorite Answer

    I just answered a similar question regarding the state of Indiana. Unfortunately, you're out of luck; no such law exists. Most MVPCs (Motor Vehicle Purchase Contracts) have a detailed fine print section on the back of the customer copy. Look for a line that states, "If you have taken delivery of this vehcile, this contract is binding and final."

    Source(s): I am an Internet Sales Manager for Nissan Corporation.
  • Anonymous
    1 decade ago

    You don't have 72 hours, that's a myth. There's no such thing as a "buyer's remorse law". Car sales are final. The only legal way out of the contract is to pay it off in full.

  • Anonymous
    4 years ago

    72 Hour Contract Law

  • Anonymous
    1 decade ago

    There is no 72 hour law in any state for automobile purchases or leases.

    It's a common misunderstanding that comes from right of recission laws for health club memberships, door to door sales, and a few other types of transactions, but NOT for automobiles purchased at a dealer location. Sorry.

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  • 4 years ago

    When you purchased the vehicle, the mortgage record you signed did not have a clause to permit you to off the hook if the vehicle has issues. At this factor, the mortgage and the vehicle have little to do with every different. If you permit the vehicle get repossessed, the mortgage remains intact and you continue to owe the cash. If you cannot pay the cash, you'll be sued through the lender and they'll take the cash out of your wages. You can have a repossession for your credit score for 7 years. That can restrict you from purchasing an extra vehicle, a house, getting a role or renting an rental.

  • marta
    Lv 4
    4 years ago

    Thank you all for your answers and opinions!

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