Bill > SB36

This bill requires car dealers in Delaware to offer buyers a contract cancellation option agreement when selling used or new vehicles for personal use. The agreement allows buyers to return a vehicle within three business days of purchase without providing a specific reason. The cost of this cancellation option varies based on the vehicle's cash sale price, ranging from $75 for vehicles under $5,000 to 5% of the price for vehicles over $100,000. Buyers must pay a restocking fee if they choose to cancel, which is capped at different amounts depending on the vehicle's price. If the buyer was previously leasing the vehicle, additional fees for excess mileage, unrepaired damage, and wear and tear may be charged. The cancellation option agreement must include specific details such as the vehicle's identification information, cancellation period, restocking fee, mileage limits, and conditions for return. The dealer must refund the cash sale price minus the restocking fee and return any trade-in vehicle if the buyer cancels the purchase. The law aims to provide consumers with more flexibility and protection when purchasing a vehicle by giving them a short window to reconsider their purchase.

Transportation and Infrastructure

https://legis.delaware.gov/BillDetail?LegislationId=141752