Comments on: Understanding the FTC Cooling-Off Rule

By: bobbi

bobbi — Wed, 30 Jun 2010 00:38:13 +0000

This is a rule I learned the hard way after being royally scammed by a car dealer. It is an outdated rule for the housewife who was bombarded with door to door salesmen. The problem is no longer door to door salesman, but, the places with permanent locations who are allowed to lie, trick, smooth talk and whatever it takes to separate you from your money. They are more and more brazen in their deceptive practices because it is too hard to take them to court. Finding a lawyer you can work with is expensive and time consuming. They already have their lawyers. I was tricked into believing they had a white/gold with sunroof coming in for me on Tues. I said, “I’ll come back Tues.” they said,” No, We want you to drive the car. We want you to make sure this is the one you want.” Monday morning they registered the black car to me. That made it a used car.
I am trying to get the “no cooling off rule” changed so that consumers will have some protection under the law. Please write your representatives. It is a Federal law. I have yet to learn if there are any states that have some protection. The overwhelming majority think they have 3 days and I would advise you look it up for your state to be sure.

By: Jim

Jim — Tue, 16 Jun 2009 03:19:04 +0000

Hmmm… probably not because that’s where they do business? I don’t know…

By: Shock

Shock — Tue, 16 Jun 2009 03:17:56 +0000

Does this apply to the hard sell timeshare pitches you get at resorts that offer a free massage in exchange for your “time”?

By: thomas

thomas — Wed, 10 Jun 2009 05:54:18 +0000

Ugh, door to door salesmen, debt collectors… you really are on a roll writing about scum!

I have no problems looking that kid in the eye and telling them no.

By: MoneySmart

MoneySmart — Wed, 10 Jun 2009 03:38:40 +0000

Cool, I didn’t know such a rule existed. Right after I got married I bought something from a door to door sales guy, my wife was so mad at me… too bad I didn’t know about this rule then

By: jillianlou

jillianlou — Tue, 09 Jun 2009 18:14:52 +0000

“The salesperson is supposed to give you a cancellation form” – wow, really?! Has anybody ever actually experienced this??

By: Patrick

Patrick — Tue, 09 Jun 2009 13:18:45 +0000

Thanks for letting us know about this Jim. I hate pushy salesmen and especially when I come out of a situation with crap I don’t want.

By: Eric

Eric — Mon, 08 Jun 2009 16:01:53 +0000

I wonder how many people actually use this..

By: Jace

Jace — Mon, 08 Jun 2009 15:50:38 +0000

Does this apply to flea market / fair vendors? Not sure a transient fairground would be considered “permanent business location” but most of the stuff you get suckered into (ShamWow) are sold at these events.

By: Wise Money Matters

Wise Money Matters — Mon, 08 Jun 2009 15:16:40 +0000

I’ve never personally used the cooling off period but I did buy a magazine subscription from a pushy sales-kid a couple years ago. I’m a softy.

By: lostAnnfound

lostAnnfound — Mon, 08 Jun 2009 14:30:30 +0000

This is good information to know. Sometimes these door-to-door or telephone sales people hit you at the time of day when it is pretty busy namely around the time everyone is getting home & dinner time when you are all distracted & busy and can be easily talked into something you don’t want.

By: Charlie@PayLessForFood.com

Charlie@PayLessForFood.com — Mon, 08 Jun 2009 14:22:13 +0000

Thanks for the tip. I never realized that such a cooling off period even existed for these types of things.

Its funny, that many consumers do not realize that there is a cooling off period for magazines and snuggies but automatically assume that their is a cooling off period for automobiles.

A few states may offer an auto cooling of period but the overwhelming vast majority do not.

It makes you wonder why we offer a cooling period for relatively inexpensive products but not for a product that we’ll be paying off for the next 3,4, or even 5 years.

By: Jim

Jim — Mon, 08 Jun 2009 13:23:25 +0000

I think it’s important to remember these protections in case you ever are screwed and are looking for recourse. I understand what you mean about marketers and mail in rebates, there’s certainly a bit of human psychology involved, but it’s always good to know that something can be done if you want to.

By: DDFD at DivorcedDadFrugalDad

DDFD at DivorcedDadFrugalDad — Mon, 08 Jun 2009 11:55:27 +0000

Thanks for sharing this, but marketers rely on people being too lazy or busy to use these protections. It is the same with mail-in rebates– the claims percentages are extremely low. Most people just don’t want to be bothered.