||June 6th, 2007|
The Car Buyers Bill of Rights...and Wrongs
by Peter W. Robinson
On July 1st, 2006, a landmark consumer protection bill became law in California. Known as the Car Buyers Bill of Rights, this bill has been more successful at confusing the public than it has been at eliminating predatory dealer practices. In it's final realization, it is an abject example of what can happen when well-meaning consumer groups make unrealistic proposals and settle for impractical solutions. Key features of the bill include:
• Imposing a limit on the interest rate markup allowed to dealers when arranging an auto loan.
• Setting more specific criteria for cars that are to be sold as 'certified'.
• Establishing a two-day return option for buyers of used vehicles.
• Requiring dealerships to disclose to customers, in writing, their credit scores and the source of the information.
The GOOD: Capping the interest rate markup on loans arranged by dealers is the most important feature of this bill. This legislation places a markup limit of 2 1/2% on loans of 60 months or less, and 2% for longer terms. These are fair numbers for all concerned, and are close to the self-imposed limits that many respectable dealers had placed on themselves. It is worth noting that the original proposed legislation sought to eliminate this fee altogether, which would have placed dealers in the position of working as loan brokers without compensation.
The BAD: This legislation was originally aimed at all car dealers, but the 'cooling off period' is available only to used car buyers. So, if your new car does not please you ... too bad! The 'cooling off period' does not apply to new car buyers.
Also, revealing a raw credit score to anyone other than a car loan professional is nothing more than an exercise. It just doesn't mean anything without the inclusion of several other factors.
The UGLY: Talk about "fine print"! Car dealers are allowed to charge for the two-day return option! In other words, instead of creating a protection for buyers who feel they have been victimized, this bill has created another profit source for the dealership!
" Mr. Jones, for only $300 you can have the peace of mind . . ."
For a vehicle priced at more than $10,000, a $500 restocking fee may also be charged. This is assuming that you came back within 48 hours, drove fewer than 250 miles, and were able to comply with all other provisions, stated or not. Very few folks will go through all of that, but many more will pay for the opportunity to do so. It is difficult for people to consider the implications of these "only $5 dollars a month" options when they come flying at them out of the blue. "This is only to protect YOU" or " This is an option the state requires us to offer for your protection". See what I mean?
AS ALWAYS, the best advice is to deal with people you know and trust. The typical car buyer will commit to spending hundreds of thousands of dollars buying cars in their lifetime. It is essential to develop relationships with the sellers of vehicles. Talk to people you know, check with the Better Business Bureau, know where and from whom you will be buying your car before you go out to do it!. DO NOT go driving from lot to lot hoping to find a car that "speaks to you". If the car really could speak to you, it might tell you to run away ...
A Pot Of Gold?
Most of us don’t have a pot of gold just sitting around collecting cobwebs . . . but many of us have old items scattered around the house . . . sometimes in long forgotten jewel boxes.
Have you thought about converting those pieces of old gold into cash? Something you can use right now?
With the price of gold running at such high prices, now is the perfect time to make that conversion.
And how about jewelry? Do you have some jewelry lying about that you’d like to convert to cash?
If the answer to either of the above qeustions is “yes,” then you should get to know a beautiful young lady at Gems n’ Loans in Oceanside at 3753 Mission Avenue at El Camino Real. Her name is Irene Longoria and she’s an expert at evaluating the market price of diamonds and other jewels. She should be, she’s been at it for 17 years. Born in Texas but raised in California, Irene loves the area and loves working at Gems n’ Loans at 3753 Mission Avenue at El Camino Real in Oceanside.
There’s all kinds of opportunities to put items into pawn and generate some quick cash; it’s easy, it solves a temporaty money problem, and you always have the opportuity to redeem your valuable merchandise.
You’ll find wonderful folks at Gems n’ Loans, just like Irene Longoria. C’mon in and get acquainted. You’ll love the large, clean, modern store, the convenient hours . . . and the friendly, knowledgable service.
Give ‘em a call at 722.7296 - the latest in pawn brokerage!
What does it take to make a successful business? Vision is one important element. Now in their 20th year, Ferris Communications is an outstanding example of a business that has always had the vision to look into the future and determine the needs for their consumers.
Now, with the recent merger of Sprint with Nextel, Ferris Communications offers an even greater amount of service to an even larger market. For years, Nextel was the state-of-the-art supplier of cell phone technology to the business market. Meanwhile, Sprint was actively and efficiently serving the consumer market. Now these two giants in the industry have merged and offer the best of both worlds to both consumer and business community alike.
Back in November of 1985 Doug Ferris, and his dad, Doug Ferris, Sr., saw that cellular phones were going to be in big demand. He decided to go into the business. In 1995 this little company had grown to the point that they became the agency for Nextel, and now Sprint as well, and today they rank as one of the major communications companies in all of San Diego County.
Today, Doug Ferris delights in explaining the many ideas for great new equipment and gifts available at Ferris Communications. You may wish to surprise that businessman with a Blackberry cell phone, another state of the art communication device. Or, how about a new Sprint phone with all the extras? Text messaging, camera, MP3 player . . . or how about a Sprint “Air Card?” Use your cellphone most anywhere! There’s a whole family inventory available at Ferris Communication. Just stop by and ask them for help in planning your communication needs. Doug Ferris continues to oversee his Ferris Communications business, seeing to it that his customers are given great sales support and service after the sale. Have a question on cell phones? He has a staff that can get all the answers for you! Give ‘em a call at Ferris Communications
Warning: include(/home/content/t/h/e/thepaper/html/marketing/longad.php) [function.include]: failed to open stream: No such file or directory in /home/content/20/4006920/html/archive/2007/06_06/merchants.php on line 124
Warning: include() [function.include]: Failed opening '/home/content/t/h/e/thepaper/html/marketing/longad.php' for inclusion (include_path='.:/usr/local/php5/lib/php') in /home/content/20/4006920/html/archive/2007/06_06/merchants.php on line 124