If the purchase included a trade-in vehicle or comparable compensation for one the dealer has two options, depending on whether or not a fee was charged for the contract cancellation option.
If the buyer paid any fee for the contract cancellation option, the dealer must retain the trade-in until the contract cancellation options stated expiration date and time has passed, taking into account hours of operation and availability of the dealer for the buyer to return the vehicle. The trade-in vehicle must remain available to return to the buyer, if the buyers elects to exercise the contract cancellation option.
If the trade-in is inadvertently sold or otherwise disposed of, the dealer must provide complete comparable compensation (based on the fair market value assigned to the trade-in the sales contract.)
Failure to retain the vehicle may be a cause for action, unless the dealer has a procedure in place to retain vehicles and sale is an error. If procedures are in place, there is no violation.
If the buyer paid no fee for the cancellation option, the dealer is not required to retain the trade-in. If the contract is cancelled, the dealer is not required to retain the trade-in. If the contract is cancelled, the dealer must return the trade-in (if available) or refund the fair market value or value stated in the sales contract.