• Dealers must provide buyers a copy of their credit scores if financing is involved in the deal.
• The rules lay out uniform criteria for labeling a used car as "certified." Right now the designation is up to each manufacturer.
• 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.
• Dealers must disclose prices for items such as service contracts, debt cancellation agreements, insurance products, surface protection services and theft deterrent devices.
• 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.
• Know the price of the type of car want to buy.
• Know your credit history and clear up any problems.
• Find out about additional frees and dealer extras you may be charged.
• Research an adequate price of your trade-in vehicle.
• 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.
Source: Edmunds.com
The price of used cars just went up in California
Pretty basic stuff.
Guess some people are pretty dumb and have to be protected.