Attorney General No.
Secretary of State No.
AUTOMOBILE DEALERS. BUYERS' RIGHT TO CANCEL PURCHASE. SELLER DISCLOSURES. INITIATIVE STATUTE. Allows buyer of used automobile to return automobile to dealer, cancel purchase within three business days and receive full refund, less reasonable mileage offset. Requires that dealers disclose credit scores, and lowest available interest rates. Limits dealer loan fees to $150; prohibits dealers from accepting additional compensation from lenders. Requires dealers to disclose monthly cost of financing optional items. Requires "certified" used vehicles to be inspected by qualified technician. Prohibits dealers from advertising used rental, police or fleet vehicles, taxicabs, "lemon law" buybacks, salvage, or similar vehicles as "certified." Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Various possible impacts on state and local government revenues resulting from changes in the financing of vehicle sales. The net fiscal impact of these changes is unknown.
Rosemary Shahan, 926 J Street, Ste. 522, Sacramento, CA 95814
Failed to Qualify
AUTOMOBILE DEALERS. BUYERS' RIGHT TO CANCEL PURCHASE. SELLER DISCLOSURES. INITIATIVE STATUTE. California Initiative 1030 (2004).