ALBANY, N.Y.--Armory Nissan in Albany, N.Y., has agreed to use a flat rate for finance charges and to disclose the markup to customers, announced the state attorney general's office March 31.

The flat rate will prevent any racial discrimination in financing--a problem that has surfaced in dealerships across the nation.

"I commend Armory for enacting a new finance charge system that is groundbreaking in the industry," said Spitzer. "These reforms provide a model of fairness and good business practices that all auto dealers should try to match or exceed."

Spitzer called this a landmark agreement and plans to introduce legislation to call other New York dealerships to similar reforms. If passed, the law would make New York the first state to require flat fees and full disclosure of markups.

"The disclosures required in the legislation will aid vehicle purchasers in making informed decisions about whether to accept financing or to seek quotes from other lenders," said Spitzer.