Combating Auto Retail Scams Rule

The Federal Trade Commission announced a new rule Tuesday that is intended to stop auto dealers from using hidden fees and bait and switch price tactics on buyers.The agency says those fees and tactics cost Americans $3.4 billion per year and add 72 million hours to their time spent shopping for a vehicle.The FTC is calling the new regulation the Combating Auto Retail Scams Rule.The agency says the rule bans misrepresentations about price, cost, and other key information. It also requires dealers to provide the actual price any consumer has to pay for the vehicle, requires them to disclose that additional items like extended warranties aren’t mandatory, and requires them to state upfront the full monthly payment consumers are accepting. #lawyer, #attorneys, #lawyersnearme, #lawyerschaumburg,