There’s a lot to think about when shopping for a big investment like a car. That’s why legislation like the Truth in Lending Act, Consumer Leasing Act, and Lemon Law exist – to protect you, the consumer.
Watch the video to learn more about Your Purchasing Rights, then test your knowledge at the end of the lesson.
The Truth in Lending Act disclosure statement clearly defines borrowing terms with loan customers, including:
A. APR, payment amount, and total amount financed
B. APR, warranty guidelines, and banking details
C. Finance charges, repair options, and penalties
D. Finance charges, AutoPay instructions, and APR
The Consumer Leasing Act states that if you’re leasing, you have a right to know the terms of the lease including total amount due at signing and total number of payments.
A. True
B. False
In order for a vehicle to be considered a “lemon” it usually is…
A. Sold during a market crash or recession
B. Purchased without the customer’s knowledge
C. Purchased with significant unreported defects
D. Sold without a vehicle history report