2020Directory_FNL_FlippingBook

2020 MEMBERSHIP DIRECTORY & SERVICES GUIDE HOT TOPICS

Compliance For New York City Dealers

CONTRACT CANCELLATION OPTION

The contract cancellation option agreement must be: • Printed in color on 8.5”x 14”paper; • In the language in which the sale was negotiated.

The formmust include: • The cancellation deadline, which must be no earlier than close of business on the 2nd weekday after signature; • The customer must sign the form to DECLINE or ACCEPT the option; • The procedures to follow if the sale involves a trade-in.

USED CAR CONSUMER BILL OF RIGHTS

The Used Car Consumer Bill of Rights must be: • Posted in the dealership, where customers negotiate and execute sales contracts; • Printed on an 18”x 24”sign in English and in any other language in which the dealership conducts business if DCA has made the form available in that language; • Given to each customer on paper that is at least 8.5”x 14”in the language in which the sale was negotiated if

DCA has made the form available in that language; • Customers must sign or initial a copy of this form.

The bill of rights requires dealers to disclose, in writing, any fees charged for financing. • This information is provided on the Financing Disclosure Form, i.e. the difference between the contract APR and the buy rate. Enforcement The New York City Department of Consumer Affairs is responsible for enforcing these laws. Penalties for the first violation are $500 and go up to $1,000 for subsequent violations. Please call the Association (718.746.5900) if you have any questions.

48