Subscribe to our mailing list

X

FTC Looks for Revised Used Car Buyers Guides

By on August 7, 2018

The FTC’s Used Car Rule says that dealers have to display a Buyers Guide in every used car they have for sale, and give it to buyers after the sale. The FTC recently checked out how dealers are following that rule in 20 cities, visiting 94 dealerships, and inspecting more than 2325 vehicles.

The Guide, which was updated in 2016, tells you about the major mechanical and electrical systems on the car, including some of the big problems you should look out for. It says whether the vehicle is being sold “as is” or with a warranty, and what percentage of the repair costs a dealer will pay under the warranty. And it tells you to get all promises in writing.

Why check things out now? Well, dealers were required to start using the new version of the Guide on January 28, 2018. And here’s what we found. Of the more than 2325 vehicles inspected, almost half had the revised Buyers Guide. Dealers not displaying the revised Guide received letters warning them to bring their dealerships into compliance.

If you’re buying a used car, it pays to be prepared.

  • Get a vehicle history report before you buy. It can tell you a lot about a used car: ownership history, whether the car was in any accidents, its repair records, and whether it ever was declared as salvage.
  • Consider getting an independent inspection by a mechanic you hire — even if the car has been inspected by the dealer.
  • Figure out how much to pay for a used car. There are commercial services with information about the value and pricing of used vehicles.
  • Look for the Buyers Guide. If the dealer doesn’t display the new Buyers Guide, you might want to shop elsewhere. And please report it to the FTC.

For more information, visit ftc.gov/usedcars.

This article by the FTC was distributed by the Personal Finance Syndication Network.

READ  Know the Risks Before You Invest in Cryptocurrencies

The post FTC Looks for Revised Used Car Buyers Guides appeared first on Personal Finance Syndication Network.

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Research Department

Here is where you will find important stories located from around the web which can impact you and your financial life.
%d bloggers like this: