{"id":61728,"date":"2023-12-18T13:08:42","date_gmt":"2023-12-18T21:08:42","guid":{"rendered":"https:\/\/lapost.us\/?p=61728"},"modified":"2023-12-18T13:08:42","modified_gmt":"2023-12-18T21:08:42","slug":"fighting-car-scams-with-the-cars-rule","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=61728","title":{"rendered":"Fighting Car Scams with the CARS Rule"},"content":{"rendered":"
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By<\/span>Selen Ozturk<\/a><\/div>\n<\/div>\n<\/div>\n
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The risk of getting scammed when buying a car \u2014 the highest purchase many consumers make short of a house \u2014 can be as stressful as the risk of a pile-up commute.<\/p>\n<\/div>\n<\/div>\n

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The risk of getting scammed when buying a car \u2014 the highest purchase many consumers make short of a house \u2014 can be as stressful as the risk of a pile-up commute.<\/p>\n

At a Friday, December 15 briefing hosted by Ethnic Media Services and the Federal Trade Commission, FTC officials explained how the agency\u2019s Combating Auto Retail Scams (CARS) Rule, requiring transparency from car dealers, will protect buyers from auto scams.<\/p>\n

What is CARS and who\u2019s affected?<\/h2>\n

Malini Mithal, associate director of the FTC Division of Financial Practices said the\u00a0CARS Rule<\/a>, announced by the FTC last week, combats two main scams that car buyers experience: bait-and-switch tactics, \u201cwhere dealers advertise a low price to bring you to the lot, but after you spend hours there you learn that the car is way more expensive than what was advertised,\u201d and junk fees, which are charges hidden by long, complicated auto contracts.<\/p>\n

CARS \u2014 taking effect July 30, 2024 \u2014 will save car buyers facing these tactics an estimated $3.4 billion and 72 million hours a year, she explained. \u201cThe rule especially helps honest car dealers who will be able to compete on a level playing field; they won\u2019t have to worry about losing business to a competitor pretending to have a lower price to lure consumers onto their lot, but then charging much more once the consumer gets there.\u201d<\/p>\n

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