Ok, according to the CA DMV:
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What you need if you purchase a Lemon Law Buyback Vehicle

Prior to buying a Lemon Law Buyback Vehicle, you must be notified in writing by the seller of the nonconformities stated by the original owner..

In California, a manufacturer must retitle any reacquired motor vehicle in its name, ask the department of motor vehicles to inscribe the title with "Lemon Law Buyback" and affix a lemon-law buyback decal to the vehicle before reselling it.

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In addition, whoever buys that vehicle must be presented with a written notice that it is a lemon law buyback and in turn provide a written acknowledgement that the notice was provided.

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CA Lemon Law Statute – Section 1793.23

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(e) Any person, including any dealer, who acquires a motor vehicle for resale and knows or should have known that the vehicle was reacquired by the vehicle’s manufacturer in response to a request by the last retail owner or lessee of the vehicle that it be replaced or accepted for restitution because the vehicle did not conform to express warranties shall, prior to the sale, lease, or other transfer, execute and deliver to the subsequent transferee a notice and obtain the transferee’s written acknowledgment of a notice, as prescribed by Section 1793.24.

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So if you did not sign the acknowledgment prior to purchase, the dealer did not comply with the law and that could give you grounds to get out of the contract. The question would be if a judge would order strict compliance with the law for the signed acknowledgment since they disclosed and you knew it was a buyback prior to purchase.

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As for the buyback option, it doesn't apply to vehicles over $40,000.

"Used car buyers may purchase a two-day sales contract cancellation option.
There is no "cooling off" period unless you obtain a contract cancellation option. . Consumers who purchase a used car for less than $40,000 must be given an opportunity to purchase a two-day Contract Cancellation Option Agreement.
Important: The contract cancellation option does not apply to used cars priced at $40,000 or more, new cars, private party sales, motorcycles, off-road vehicles, recreational vehicles, or vehicles sold for business or commercial use."
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So at this point, you could try to disaffirm the contract based on you not signing the written acknowledgment, but if the dealer refused to cancel the contract, you would have to file suit and see if a judge would find their failure to get a written acknowledgment grounds to set aside the contract.
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Thanks.

Barrister

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