BEFORE YOU BUY
%u2022 Dealers must provide buyers a copy of their credit scores if financing is involved in the deal.
%u2022 The rules lay out uniform criteria for labeling a used car as "certified." Right now the designation is up to each manufacturer.
%u2022 Dealers cannot mark up loans more than 2.5 percent for loans lasting five years or 2 percent for loans lasting longer than five years.
%u2022 Dealers must disclose prices for items such as service contracts, debt cancellation agreements, insurance products, surface protection services and theft deterrent devices.
%u2022 Dealers must offer a two-day return option for used cars priced below $40,000. Buyers may return their vehicle for any reason and receive a full refund minus fees. Buyers must pay a fee for the option and a restocking fee, both of which are specified in the new rules.
The buyer cannot drive the car farther than 250 miles during the grace period. Normal wear and tear is allowed.
Source: Consumer Action.
%u2022 Know the price of the type of car want to buy.
%u2022 Know your credit history and clear up any problems.
%u2022 Find out about additional frees and dealer extras you may be charged.
%u2022 Research an adequate price of your trade-in vehicle.
%u2022 Request financing from a bank or credit union. The rate may be less than a dealer's or you can use it to negotiate a lower one from a dealer
BEFORE YOU BUY
%u2022 Dealers must provide buyers a copy of their credit scores if financing is involved in the deal.
%u2022 The rules lay out uniform criteria for labeling a used car as "certified." Right now the designation is up to each manufacturer.
%u2022 Dealers cannot mark up loans more than 2.5 percent for loans lasting five years or 2 percent for loans lasting longer than five years.
%u2022 Dealers must disclose prices for items such as service contracts, debt cancellation agreements, insurance products, surface protection services and theft deterrent devices.
%u2022 Dealers must offer a two-day return option for used cars priced below $40,000. Buyers may return their vehicle for any reason and receive a full refund minus fees. Buyers must pay a fee for the option and a restocking fee, both of which are specified in the new rules.
The buyer cannot drive the car farther than 250 miles during the grace period. Normal wear and tear is allowed.
Source: Consumer Action.
%u2022 Know the price of the type of car want to buy.
%u2022 Know your credit history and clear up any problems.
%u2022 Find out about additional frees and dealer extras you may be charged.
%u2022 Research an adequate price of your trade-in vehicle.
%u2022 Request financing from a bank or credit union. The rate may be less than a dealer's or you can use it to negotiate a lower one from a dealer
