Comments - 20 Things Dealers May Not Know About Unfair and Deceptive Acts and Practices Statutes – But Probably Should - DealerELITE.net2024-03-29T00:18:50Zhttps://www.dealerelite.net/profiles/comment/feed?attachedTo=5283893%3ABlogPost%3A475837&xn_auth=noHere's a perfect example of h…tag:www.dealerelite.net,2016-04-01:5283893:Comment:4755922016-04-01T15:50:27.342ZJim Radognahttps://www.dealerelite.net/profile/JimRadogna
<p>Here's a perfect example of how regulators feel about the advertising you described Steven:</p>
<p><a href="http://usedcarnews.com/newsletters-sp-719629445/news-now/10242-state-sues-dealer-for-multiple-violations" target="_blank">http://usedcarnews.com/newsletters-sp-719629445/news-now/10242-state-sues-dealer-for-multiple-violations</a></p>
<p>Among other violations, they cited "Requiring consumers to finance used vehicles by retail installment contracts, or purchase aftermarket service…</p>
<p>Here's a perfect example of how regulators feel about the advertising you described Steven:</p>
<p><a href="http://usedcarnews.com/newsletters-sp-719629445/news-now/10242-state-sues-dealer-for-multiple-violations" target="_blank">http://usedcarnews.com/newsletters-sp-719629445/news-now/10242-state-sues-dealer-for-multiple-violations</a></p>
<p>Among other violations, they cited "Requiring consumers to finance used vehicles by retail installment contracts, or purchase aftermarket service contracts, in order to get the vehicle at its advertised price".</p> Thanks Steve. I'm always happ…tag:www.dealerelite.net,2016-04-01:5283893:Comment:4758552016-04-01T01:14:22.194ZJim Radognahttps://www.dealerelite.net/profile/JimRadogna
<p>Thanks Steve. I'm always happy to answer any questions I can at no charge - we're all in this together.</p>
<p>Thanks Steve. I'm always happy to answer any questions I can at no charge - we're all in this together.</p> Great post and great answer b…tag:www.dealerelite.net,2016-03-31:5283893:Comment:4756912016-03-31T22:02:29.419ZSteve Stauninghttps://www.dealerelite.net/profile/SteveStauning753
<p>Great post and great answer below, Jim. Makes me think you could add a web page to your site "Ask Jim - Is It Legal?" Not sure how to monetize it, but I know dealers have these questions every single day. </p>
<p>Great post and great answer below, Jim. Makes me think you could add a web page to your site "Ask Jim - Is It Legal?" Not sure how to monetize it, but I know dealers have these questions every single day. </p> If the big print says $9,999,…tag:www.dealerelite.net,2016-03-31:5283893:Comment:4757762016-03-31T20:39:52.948ZJim Radognahttps://www.dealerelite.net/profile/JimRadogna
<p>If the big print says $9,999, with no further qualification, that vehicle needs to be sold to any buyer, cash or credit, for that price (subject to credit approval for a credit buyer). The dealer can advertise that the price is only available to buyers who finance with the dealership if there is a captive finance rebate available, but this should be clearly and conspicuously disclosed (i.e. not buried in the fine print). Requiring specific credit terms (18.99% APR, down-payment of not more…</p>
<p>If the big print says $9,999, with no further qualification, that vehicle needs to be sold to any buyer, cash or credit, for that price (subject to credit approval for a credit buyer). The dealer can advertise that the price is only available to buyers who finance with the dealership if there is a captive finance rebate available, but this should be clearly and conspicuously disclosed (i.e. not buried in the fine print). Requiring specific credit terms (18.99% APR, down-payment of not more than 10%, 84 months) would be considered deceptive.</p> Here's a question : If a deal…tag:www.dealerelite.net,2016-03-31:5283893:Comment:4756882016-03-31T20:22:12.767Zsteven chessinhttps://www.dealerelite.net/profile/stevenchessin
<p>Here's a question : If a dealer advertises $ 9,999 in the big print - and the small print starts with .... "1 available at this price" .... and then continues with .... must finance with dealer at 18.99% APR ..... with 750+ credit ..... down-payment of not more than 10% .... 84 months ..... etc How much of that is considered deceptive ?</p>
<p>Obviously the car is being offered at below cost to make profit selling the financing. </p>
<p>Here's a question : If a dealer advertises $ 9,999 in the big print - and the small print starts with .... "1 available at this price" .... and then continues with .... must finance with dealer at 18.99% APR ..... with 750+ credit ..... down-payment of not more than 10% .... 84 months ..... etc How much of that is considered deceptive ?</p>
<p>Obviously the car is being offered at below cost to make profit selling the financing. </p> Thank you for sharingtag:www.dealerelite.net,2016-03-31:5283893:Comment:4755782016-03-31T18:43:33.680ZDealerELITEhttps://www.dealerelite.net/profile/ChrisandMike
<p>Thank you for sharing</p>
<p>Thank you for sharing</p>