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This federal law, which dates back to 1972, was intended to protect consumers in their homes during door-to-door sales pitches or at sales in temporary business locations. According to the FTC, the 3-Day Cooling Off Rule does NOT apply to the purchase of new automobiles or items sold online. It only applies when a company is selling something that costs $25 or more at a location other than its regular place of business.
To comply with the 3-Day Cooling Off Rule, a seller must inform a buyer of his/her right to cancel the sale and receive a full refund within three business days.
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Smart Buying on Online Message Boards or Auction Sites
Online message boards and forums are useful resources to learn about jobs, housing, and goods available for sale. Fortunately, there are some commonly accepted practices that can help protect your wallet.
- Deal with local sellers that you can meet in person, if possible. Many scams involve people from far away.
- Avoid wiring funds or using escrow services.
- Fake cashier checks and money orders are prevalent. The bank will cash them and hold you responsible when the fake is discovered.
- Make sure you find out if the hosting website is actually involved in the transaction.
- Be suspicious of “guarantees” on your transaction.
- If the item you are purchasing comes in a factory sealed box, open it to be sure you are getting what you have paid for.
- Keep in mind that you are probably buying from an individual, not from a company.
- The items for sale are most likely used or second hand.
- Utilize any ratings about your sellers’ feedback to decide if you can trust this seller.
- If you win an item in an auction, you are expected to pay for it; be sure you want the item before you bid.
Remember: if it seems too good to be true, it probably is
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Be aware that there are situations in which the Cooling-Off Rule does not apply:
- You made the purchase entirely by mail or telephone.
- The sale was the result of prior contact you had at the seller's permanent
business location.
- You signed a document waiving your right to cancel.
- Your purchase is not primarily for personal, family or household use.
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- You were buying real estate, insurance, securities, or a motor vehicle.
- You can't return the item in a condition similar to how it was when you got it.
- You bought arts or crafts at a fair, shopping mall, civic center, or school.
Remember, if you paid by credit card and are having difficulty getting your
refund, you may also be able to dispute the charge with your credit card company
under the Fair Credit Billing Act.
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