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Car Buyer's Bill of Rights Reduces Dealer Markup

July 26, 2005

California’s “car buyer’s bill of rights,” the nation’s first, is scheduled to be signed into law today. The law would take effect July 1, 2006.

The bill will, among other things, limit dealer markups on auto loans, reports Newsday.com. The bill will place a 2.5 percent cap on loans of 60 months or less, and a 2 percent cap on long-term loans.

The only other state with such stringent limits is Louisiana with a cap of 3 percent.

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