Want to undo a deal? Here's what you need to know

Posted at 5:39 PM, Aug 16, 2018
and last updated 2018-08-17 10:05:02-04

Have you ever purchased something and the next day thought it was a bad idea?

In some cases, you can get out of agreements that you're not comfortable with -- if you do it in a certain amount of time.

Arizona's right to cancel law gives you three days to cancel gym memberships, things you order over the phone, services that extend or improve your credit.   

Any payments made have to be returned to you in 15 days. 

Fifteen days is also the amount of time you have to cancel dance studios contracts.

The Federal Trade Commission's Cooling-Off Rule also gives you three days to cancel certain purchases. It applies to deals made in your home, work or home as long as you spent more than $25. For purchases at temporary locations like home and garden shows the threshold is $135. Find out more here. 

The Federal Truth in Lending Act gives borrowers three days to change their minds after signing for a refinance or second mortgage. It does not apply to first mortgages. 

Finally, there is no cooling-off period for car purchases. Consumers do not have three days to return a car after purchasing.