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SEARCHThe so-called Car Buyer's Bill of Rights in California, which once threatened to prohibit all loan interest markups, was severely mitigated in the Senate. It now awaits Gov. Schwarzenegger's approval.
The so-called Car Buyer's Bill of Rights in California, which once threatened to prohibit all loan interest markups, was severely mitigated in the Senate. It now awaits Gov. Schwarzenegger's approval.
The revised bill, AB 1839, no longer requires a three-day cooling-off period during which car buyers could cancel the purchasing contract for any reason. However, it now requires dealers to clearly tell buyers their credit scores and the costs of aftermarket products.
The bill, which passed in the Senate, caps loan markups at 2.5 percent for loans up to five years and 2 percent for longer-term loans.
Gov. Schwarzenegger's office hasn't taken an official position on the bill. He will sign or veto it within the next month.
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