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Assembly Bill 68 The Car Buyer Bill of Rights Effective July 01, 2006
The new law includes a provision
which mandates the dealer to offer
a contract cancellation option
for the buyer of a used motor vehicle.
The maximum purchase price for the
contract cancellation option and the restocking fee
is based on the cash price of the vehicle.
A dealer may charge a restocking fee if the buyer accepts the option
and the dealer accepts the vehicle for return.
If the dealer does charge for the option and restocking,
the total maximum allowable fees:
cash price of $ 5,000 or less
cash price of $ 5,000 but less than $10,000.
cash price of $ 10,000 but less than $ 40,000.
Remember, the option fee must be subtracted from the total maximum
allowable fees. The maximum restocking fee will be the amount
remaining when the option fee has been subtracted.