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Question: I have three days to cancel a purchase, right?


Many consumers mistakenly believe that they have three days to back out of any purchase. However, there are very few cases in which this right applies. For certain home solicitation sales under the Arizona Home Solicitation Sales Act (ARS §44-5001 to §44-5008), people have three business days to cancel certain sales if the seller personally solicited the sale and the buyer agreed to buy a good or service at the buyers' home. Other statutes require cancellation periods for certain kinds of contracts, such as for health spa services or dance studio lessons.

Other important information to remember:

  • Business days include Saturdays but not Sundays or Federal holidays.
  • You must notify the lender in writing that you are canceling. You can't do it over the phone or in a face-to-face conversation.
  • The written cancellation notice must be mailed, wired or delivered before midnight of the third business day. It is best to send your mail by registered or certified mail, return receipt requested to prove you mailed the letter in time and your lender got it.

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