AUTOMOBILE DEALERS. BUYERS\u27 RIGHT TO CANCEL PURCHASE. SELLER DISCLOSURES. INITIATIVE STATUTE.

AUTOMOBILE DEALERS. BUYERS\u27 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