October 16, 2012 > Car dealers must display prices
Car dealers must display prices
Submitted By Jeff Barbosa
Assemblymember Bob Wieckowski's (D-Fremont) bill to require "Buy Here, Pay Here" lots to have window stickers disclosing the reasonable market value on their vehicles was signed by Governor Jerry Brown on September 29, 2012.
"Buy Here, Pay Here" lots comprise a growing segment of the used car industry, focusing on high interest loans for people with poor credit. The industry has been accused of predatory lending and pricing practices with harsh default terms and swift repossession practices. Customers often end up with exorbitant interest rates and over-priced cars.
The sticker will simply require that dealers post an approximate value based on any number of freely available vehicle valuation entities, such as a "Kelley Blue Book." Many used car dealers already post a fair market value but others do not. This gives the consumers more information as they consider whether or not to purchase a vehicle.