What The New California Car Buyer s Bill of Rights Means To You
Below is a MRR and PLR article in category Vehicles -> subcategory Other.
Understanding the New California Car Buyers Bill of Rights
Summary
Starting July 1, 2006, California introduced new protections for car buyers under the Car Buyers Bill of Rights. These measures are designed to transform how cars are bought and sold within the state and have started influencing legislation across the country.Key Points
1. Expanded Protections
The new law applies to cars, trucks, and SUVs bought in California from dealerships for personal use. It does not cover private sales, commercial vehicles, RVs, or motorcycles.
2. Two-Day Return Option
Used car buyers can now opt for a two-day return period. This safeguard helps those who might not have time to get a thorough inspection, are buying "as is," or feel pressured into a purchase.
- Limitations:
- Applies to used vehicles costing $40,000 or less.
- Dealerships can charge between $75 to $400 for this option, plus a restocking fee.
- The car must be returned within two days, driven less than 250 miles, and be in its original condition.
3. Trade-In Conditions
Dealers must hold onto trade-ins during the return option period. If a dealer sells your trade-in prematurely, you receive either its fair market value or the value in the cancellation agreement?"whichever is higher.
4. Certified Used Cars Standards
Previously, any inspected used car could be labeled "certified." Now, vehicles with certain issues cannot be sold as "certified pre-owned."
5. Seller Disclosures
Dealers are required to provide written information on:
- The vehicle's base price without additional options.
- Costs for add-ons like anti-theft devices, fabric protection, service contracts, and gap insurance.
- Your credit score if financing through the dealership, ranging from 300 to 900, which impacts your interest rates.
6. Interest Rate Markup Limits
Dealers are often incentivized to secure higher interest rates for buyers. The new law caps the dealer’s markup at 2.5% for loans up to 60 months and 2% for longer loans.
Conclusion
The California Car Buyers Bill of Rights aims to protect consumers during their car purchasing process, ensuring transparency and fairness. By understanding and utilizing these rights, you can avoid unnecessary headaches and save money when buying from a dealership.
You can find the original non-AI version of this article here: What The New California Car Buyer s Bill of Rights Means To You.
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