Sep 03, 2004 -- California about to pass Car Buyer's Bill of Rights
Clark knows that the car buying is one of the most perplexing and frustrating experiences consumers can go through. Many people get taken advantage of or get in over their heads because of the high-pressure sales tactics and other gimmicks. Those underhanded practices have resulted in the passing of a law in California known as the Car Buyers Bill of Rights. It basically gives consumers privileges and rights that they dont have right now in the car buying business. It includes restrictions on the markups dealerships charge for the car and the padded interest rate they often charge when figuring out financing. Under the new law, the spread on that finance rate can not be more than 2.5 percent over the rate for which a consumer qualifies. In that same vein, dealerships will also have to tell customers what their credit scores are. The law is awaiting the governors signature right now, but it seems likely to pass. You would think the tenets of the law would be something dealerships do anyway, right? Well, its amazing what some dealerships will do to get as much money out of you as they can. More states need to follow Californias lead on this.
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