(LegalLaw247.com, October 26, 2011 ) Asheville, NC -- Often, buyers who need an auto loan turn to used cars for a more affordable ride. It only makes sense, because new cars lose as much as 47% of their value after three years anyway. On the other hand, buying a used car opens you to the possibility of buying a damaged vehicle. In the past, it was a buyer beware situation, but a new California law is going to change all of that in the Golden State.
AB 1215, sponsored by California Assemblyman Bob Blumfield, requires dealers to run vehicle identification numbers through the National Motor Vehicle Title Information System to check if there has been a detrimental occurrence in the vehicle's history. Flooding, salvage title, frame damage, and odometer rollback are among the items that are to raise red flags. If any of these appear in regards to a vehicle, a red window sticker has to be affixed to the vehicle, warning buyers of its history. ''Buying a car comes second only to the commitment that comes with buying a home,'' Blumenfield said. ''With working families striving to stretch their dollars in this tough economy, there couldnt be a better time to help ensure that family cars are a good and safe investment.''
The law also allows dealers to raise documentation fees in order to cover the costs of the history reports. Despite that sly addendum increasing state fees collected, the law should help struggling Americans who need used car loans insure that they are buying better quality cars.
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