When purchasing a new car from a dealer, you have basic rights that the dealer must adhere to. These rights protect buyers when purchasing a new car from a licensed car dealer.
Itemized List
When a buyer finances a car from a dealer, the car dealer must provide the buyer with an itemized list of charges. This list includes the prices for car insurance and warranties.
Interest Rates
Upon financing a vehicle through a licensed dealer, the financial institution must stay within interest rate limits. When a person finances a car for 60 months or less, the interest rate must not exceed 2.5 percent. Likewise, any car loan financed for a term greater than 60 month must not have an interest rate greater than 2 percent.
Credit Score
For a purchase using the dealership's or manufacturer's lender, the car dealer may obtain the buyer's credit score. When he does that, the dealer must notify the buyer. Additionally, the dealer must explain to the customer how the credit score was used.
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