Contract Cancellation Option Agreement Pdf

(4) A statement clearly indicating the dollar amount of a reintroduction tax that the purchaser must pay to the merchant to exercise the right to revoke the purchase under the option to cancel the contract.  The reintroduction tax must not exceed one hundred and seventy-five dollars ($175 usd), if the cash price of the vehicle is five thousand dollars (5,000 USD) or less, three hundred and fifty dollars ($350), if the cash price of the vehicle is less than ten thousand dollars ($10,000) and $500 ($500) if the cash price of the vehicle is ten thousand dollars ($10,000) or more.  For the reintroduction fee, the merchant applies the price paid by the buyer for the option to cancel the contract.  In addition, the purchase price of the cancellation option is not fixed or refunded. (a) 1. A dealer may not retail a used vehicle within the meaning of Section 665 and, subject to registration under this code, to an individual for personal, family or private use, without offering the purchaser a cancellation contract that allows the purchaser to return the vehicle for no reason.  This section does not apply to a used vehicle with a purchase price of forty thousand dollars ($40,000), a motorcycle within the meaning of Section 400, or a recreational vehicle, as defined in Section 18010 of the Health and Safety Code. (2) The purchase price of the contract cancellation option may be the following non-exceeding: (8) At the end of the contract, cancel contract option, a statement that can be signed by the buyer to exercise the buyer`s choice to exercise the right to terminate the purchase agreement under the terms of the contract, and the last date and period until the termination option can be exercised followed by a line for the buyer`s signature.  Some form of declaration is not necessary, but the following statement is sufficient: “By signing below, I decide to exercise my right to cancel the purchase of the vehicle described in this agreement.” The delivery of the sale contract to the merchant with the buyer`s signature after this declaration constitutes a sufficient written notification in which the right to cancel the purchase is exercised in accordance with paragraph 6.

 The merchant must make available to the buyer, in double copy, the statement required by this paragraph, so that the buyer can return the signed retraction decision and keep a copy of the retraction contract. (g) This section does not impair a buyer`s ability to terminate the contract or revoke its acceptance under another law. 9. If the reintroduction tax limit in paragraph 5 is increased by the amount that the purchaser exercising a termination option would be required to pay the lessor, in the event of termination of the lease, royalties for excessive mileage, unrepaired damage or excessive wear in accordance with the lease, the merchant must pay the purchaser an opinion on the content of paragraph 5. , including a statement on the increase in replenishment costs. 5. Notwithstanding paragraph 4, when a buyer who rented the vehicle purchased from the buyer immediately prior to the sale of the vehicle to the purchaser exercises the option to cancel the contract, the amount of the reintroduction tax payable by the buyer is increased.

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