Bill > AB1534

This bill requires "buy-here-pay-here" dealers, which are defined as dealerships that finance or lease vehicles themselves and do not assign most of these contracts to outside companies, to provide consumers with more information when selling used vehicles. Specifically, these dealers must affix a label to any used vehicle offered for sale that clearly states its "reasonable market value," meaning the average retail value based on its condition, mileage, year, make, and model, as determined by a nationally recognized pricing guide like Kelley Blue Book or Edmunds within the last 60 days. This label must be prominently displayed, include the date the value was determined, and explicitly state that it is for comparison shopping only and not the actual sale price. Additionally, dealers must provide buyers with a copy of the pricing guide information used to determine this value. The bill also clarifies that certain dealers, such as those primarily leasing newer vehicles or those who certify all their used inventory and meet specific repair facility and technician requirements, are not considered "buy-here-pay-here" dealers for the purposes of these new labeling requirements.