There is no buyer’s remorse, cooling-off, or right-to-rescind law that requires the seller of a new or used car to cancel the sale or accept the return of the car. When you sign the contract for the purchase or lease of the car, you are legally obligated to the purchase or lease. Because of the finality of the lease or purchase agreement, it is important to carefully read and understand the agreement before you sign it—and to determine whether buying or leasing the car is a good financial decision for you. Some state laws require car dealers to offer extra protections for buyers of used cars—such as a contract cancellation option agreement that the buyer may purchase for an additional fee, and that will allow the buyer to return the car and cancel the contract within a short period of time (2 days).

In New Mexico, there is no specific buyer's remorse, cooling-off, or right-to-rescind law that obligates a car dealer to cancel a sale or accept the return of a vehicle once the purchase or lease contract has been signed. Once you sign a contract for the purchase or lease of a car, you are legally bound by its terms. It is crucial to thoroughly review and understand the contract before signing it, and to consider whether the transaction is financially prudent. While some states may have laws that require dealers to offer additional protections, such as a contract cancellation option for used cars, New Mexico does not have such a provision. Buyers should be aware that any return policy would be at the discretion of the dealer and not mandated by state law.