Interesting to see what happens with this...
in short, the proposed rule would prohibit motor vehicle dealers from making certain misrepresentations in the course of selling, leasing, or arranging financing for motor vehicles, require accurate pricing disclosures in dealers' advertising and sales discussions, require dealers to obtain consumers' express, informed consent for charges, prohibit the sale of any add-on product or service that confers no benefit to the consumer, and require dealers to keep records of advertisements and customer transactions.
It's a long proposed rule read, and something that a LOT of stealerships don't like in the least. https://www.regulations.gov/document/FTC-2022-0046-0001
In and of itself, it doesn't appear to prevent excessive ADM, but it appears to mitigate a lot of issues with deceptive add-on practices for extended warranties, GAP insurance and the like. The public comment period is open until 9/12 so please read and leave a comment if so inclined to do so. Thus far as of my reading this morning, there were 2,261 existing comments.
in short, the proposed rule would prohibit motor vehicle dealers from making certain misrepresentations in the course of selling, leasing, or arranging financing for motor vehicles, require accurate pricing disclosures in dealers' advertising and sales discussions, require dealers to obtain consumers' express, informed consent for charges, prohibit the sale of any add-on product or service that confers no benefit to the consumer, and require dealers to keep records of advertisements and customer transactions.
It's a long proposed rule read, and something that a LOT of stealerships don't like in the least. https://www.regulations.gov/document/FTC-2022-0046-0001
In and of itself, it doesn't appear to prevent excessive ADM, but it appears to mitigate a lot of issues with deceptive add-on practices for extended warranties, GAP insurance and the like. The public comment period is open until 9/12 so please read and leave a comment if so inclined to do so. Thus far as of my reading this morning, there were 2,261 existing comments.
