43Cooling-off period

43 Cooling-off period

S. 43(1) amended by Nos 74/1996 s. 27(1), 17/1999 s. 12(1)(a), 4/2008 s. 14(1).

(1) A purchaser (not being a motor car trader or a body corporate) under an agreement for the sale of a motor car may, at any time before the expiration of three clear days after the purchaser signs the agreement, terminate the agreement by giving to or serving on the motor car trader or an agent of the motor car trader notice in writing to the effect that the purchaser terminates the agreement.

S. 43(1A) inserted by No. 74/1996 s. 27(2).

(1A) For the purposes of subsection (1), a clear day does not include any day that is—

(a) a Saturday or a Sunday; or

(b) a day that is wholly or partly observed as a public holiday throughout Victoria.

S. 43(1B)(1C) inserted by No. 4/2008 s. 14(2), repealed by No. 50/2014 s. 39.

S. 43(2) amended by No. 4/2008 s. 14(3), substituted by No. 50/2014 s. 39.

(2) Subsection (1) ceases to apply on acceptance by a purchaser of delivery of the motor car within the period during which the purchaser may terminate the agreement.

S. 43(2A) inserted by No. 4/2008 s. 14(4), repealed by No. 50/2014 s. 39.

S. 43(3) amended by Nos 74/1996 s. 50(e), 17/1999 s. 12(1)(b).

(3) A motor car trader must not sell, give in exchange or otherwise dispose of a motor car given or agreed to be given by a purchaser under an agreement for the sale of another motor car in satisfaction of part of the purchase price during the period during which the purchaser may terminate the agreement under this section.

S. 43(4) amended by No. 17/1999 s. 12(1)(b).

(4) If an agreement for the sale of a motor car has been terminated in accordance with this section—

S. 43(4)(a) substituted by No. 4/2008 s. 14(5).

(a) the vendor under the agreement must pay to the purchaser all money received by the vendor less—

(i) in the case of an agreement for the sale of a used motor car or an off‑trade‑premises sales agreement of any motor car, the sum of $100 or 1 per cent of the purchase price under the agreement (whichever is the greater); or

(ii) in the case of an agreement for the sale of a new motor car that is not an off‑trade‑premises sales agreement, the sum of $400 or 2 per cent of the purchase price under the agreement (whichever is the greater); and

S. 43(4)(ab) inserted by No. 4/2008 s. 14(5).

(ab) the vendor under the agreement must return to the purchaser any motor car given in satisfaction of any part of the purchase price; and

(b) any collateral credit agreement is discharged to the extent that it was entered into for the purposes of the payment for the motor car supplied or to be supplied under the agreement; and