Car buyers rights
Are you thinking about buying a new or used car?
Ask George, the Department of Motor Vehicle's weekly newsletter, says car buyers have rights and dealers must follow some specific rules during the transaction.
Among the things dealers of used and new vehicles must abide by:
- They must provide car buyers with their credit score, as well as an explanation of how it is used
- Dealers must give buyers an itemized price list for warranties, insurance, etc., if the items are being financed.
- Compensation for dealers from a financial institution that's providing a loan for vehicle purchase is limited to no more than 2-percent for a loan term over 60 months and 2.5-percent for a loan term of 60 months or less.
Read more about car buyer's rights at http://www.dmv.ca.gov/pubs/brochures/fast_facts/ffvr35.htm.