(1) The
"cooling-off period" for the purchase of a used motor vehicle from a motor
dealer starts on the day a contract for the purchase of the vehicle is
enforceable against the motor dealer.
(2) The
"cooling-off period" for the purchase of a used motor vehicle ends—
(a) if
the motor dealer’s actual close of business on the motor dealer’s next
business day is 5p.m. or later—at the time of the motor dealer’s actual
close of business on that business day; or
Examples—
1 Assume the contract
is entered into on Friday and is immediately enforceable. Assume also the
cooling-off period is not affected by public holidays and that, on each day
the motor dealer is open for business, the motor dealer’s actual close of
business is not before 5p.m. The cooling-off period ends at the time of the
motor dealer’s actual close of business on the following Saturday.
2 Assume
the contract is entered into on Friday afternoon, but is conditional on a
prior contract to purchase the vehicle not being proceeded with by 5p.m.
Saturday. Assume that the prior contract is avoided at 4p.m. Saturday. Assume
also the cooling-off period is not affected by public holidays and that, on
each day the motor dealer is open for business, the motor dealer’s actual
close of business is not before 5p.m. The cooling-off period ends at the time
of the motor dealer’s actual close of business on the following Monday.
(b) if the motor dealer’s actual close of business on the motor dealer’s
next business day is earlier than 5p.m.—at the time of the motor dealer’s
usual close of business on the business day immediately following the next
business day; or
Example—
Assume the contract is entered into on Tuesday
and the motor dealer closes for business on Wednesday at 1p.m. Assume also the
cooling-off period is not affected by public holidays and that the contract is
immediately enforceable. The cooling-off period ends at the time of the motor
dealer’s usual close of business on the following Thursday.
(c) at any
earlier time the person contracting for the purchase of the vehicle takes
physical possession of the vehicle for a purpose other than—
