Consumer rights for Car financing exist to protect vehivle buyers from predatory or discriminatory practices by Car dealers. There are both country and federal guidelines which insert consumer rights for Car financing.
Lemon Law
These laws wish a refund or replacement for a vehicle which, after invest in, has been fix defective and cannot be repaired properly after a decided magnitude of allotment or amount of attempts.
Provisions exist for a replacement vehicle, refund or cancellation of the agreement if the consumer applies the law within a set time limit. Usually this is 30 days after taking possession or within the first 12,000 to 18,000 miles of using the auto.
A written statement outlining the terms of the auto financing is required. These terms include the annual percentage rate (APR), total charges, monthly payment, charges for late payments, due dates and length of the agreement.
Equal Credit Opportunity
You cannot be denied credit because of age, nationality, religion, gender, marital status or income level. You cannot be charged higher rates or be given limits on the amount you are allowed to finance.
