Michigan HB4281 establishes a contract cancellation option agreement for used motor vehicles, allowing consumers to cancel the purchase within two.

Michigan HB4281, also known as the "used motor vehicle warranty act," mandates that used motor vehicle dealers offer consumers a contract cancellation option agreement. This agreement allows consumers to cancel the purchase of a used motor vehicle within two days and return the vehicle for a full refund, minus a restocking fee. The fee is capped based on the vehicle's purchase price, ranging from $75 to 1% of the purchase price for vehicles up to $50,000. The act does not apply to motorcycles, off-highway vehicles, or vehicles priced over $50,000, nor does it apply to private party sales.

Michigan HB4281 establishes a contract cancellation option agreement for used motor vehicles, allowing consumers to cancel the purchase within two.

Michigan HB4281, also known as the "used motor vehicle warranty act," mandates that used motor vehicle dealers offer consumers a contract cancellation option agreement. This agreement allows consumers to cancel the purchase of a used motor vehicle within two days and return the vehicle for a full refund, minus a restocking fee. The fee is capped based on the vehicle's purchase price, ranging from $75 to 1% of the purchase price for vehicles up to $50,000. The act does not apply to motorcycles, off-highway vehicles, or vehicles priced over $50,000, nor does it apply to private party sales.