FTC adds seven revisions to Used Car Rule
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The Federal Trade Commission has updated its Used Car Rule, implementing seven revisions that cover a variety of necessary disclosures, the commission said on Thursday.
The revisions to the rule -- which requires dealerships to display a window sticker or a buyer’s guide on used vehicles offered for sale -- will likely make it clearer to consumers shopping for used vehicles.
The seven revisions, which go into effect Jan. 27, are as follows:
The FTC defines an “as is” sale as one without a warranty. If the sale is with a warranty, the buyer’s guide discloses the terms and conditions. In states that do not permit “as is” used vehicle sales, dealerships must use an alternative guide that discloses whether the sale is with a warranty or with implied warranties only.
The amended rule permits dealerships to use their remaining stock of buyer’s guides for one year after the effective date, the FTC said.
The FTC’s vote to publish the revisions was 3-0.
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