Car 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. Limits dealer loan fees to $150; prohibits dealers from accepting additional compensation from certain lenders. Requires dealers to disclose monthly cost of financing optional items. Prohibits advertising or selling used vehicles as certified, except in limited circumstances. Prohibits sale of vehicles failing smog standards. Increases discretionary penalties in warranty or advertising lawsuit filed by or for members of military. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: This measure would have the following major fiscal effect: 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