September 18, 2012 > Assembly approves buy here, pay here consumer bill
Assembly approves buy here, pay here consumer bill
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 passed the state Assembly on August 30, 2012 with a 46-27 vote and now goes to the Governor.
"Buy Here, Pay Here" lots comprise a growing segment of the used car industry, focusing on high interest loans for people with poor credit. Too often, customers end up with over-priced cars and exorbitant interest rates. The industry also uses predatory lending and pricing practices with harsh default terms and swift repossession practices.
New cars have displayed the Manufacturers Suggested Retail Price on all new cars since 1958 with the passage of the federal Automobile Information Act.