Dear XXXXX, Thank you once again for your patience,
Oregon, like the other 49 States has rescission periods, often called "cooling off periods" or "buyer's remorse" only for certain categories of transactions like buying timeshares, signing a contract for a home improvement project, and similar transactions. Unfortunately, buying a new car is not one of those transactions. I do not know where or how this rumor started, but it is a popular misconception that a majority of the population has. The only way to legally rescind an Agreement of Sale for a vehicle is if, for example, something is left blank on the loan application for the interest rate, the term of the loan, or something of equal importance.
Trading in a vehicle as part of the transaction, makes it more difficult to rescind the Agreement of Sale because although the dealer can legally file a lawsuit for breach of contract against a buyer who does not want to go through with the sale, the dealer rarely exercises this right. But, if a vehicle has been used as a trade in, the dealer can hold the buyer's vehicle "hostage" to force the buyer to go through with the sale.
However, every State, including Oregon, has enacted some form of an "Unfair Trade Practices Act and if the dealer made representations about the vehicle and you relied on those representations, such as a "smooth ride", or "quiet running engine" you can use those arguments and tell the dealer that you were induced into buying the vehicle because of statements he made which were really misrepresentations and which amounted to violations under Oregon's Unfair Trade Practices Act.
Since the paperwork was signed only yesterday, the dealer cannot claim that he sustained damages because of your rescission. It does nothing for the dealer's good will to refuse to accommodate a customer because complaints by an unhappy customer go a long way to reduce a dealer's future potential sales just as much as the comments of a satisfied customer go towards increasing future sales. Therefore, you will have to do your best to convince the dealer that it would be to his benefit to keep you as a happy and satisfied customer.
I wish I could give you the Answer you want to hear, that the law gives you the right to return a vehicle and rescind the Agreement of Sale, and it would have given me
great pleasure to do so, but I have an ethical obligation to you to give only correct answers and information, so I am respectfully XXXXX XXXXX you not hold the law applicable to your situation against me when leaving a rating because you are rating my service to you and not if you like or agree with the law,
Please be kind enough to give a rating of "Excellent Service" because that is the only way that I will receive credit for my time and effort in researching your question and furnishing you with Answers. It will not cost you anything additional to leave a positive rating,