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Auto/Car Dealer Fraud: New Regulation against Financial Fraud
Armenuhi Ivanyan
Today most auto dealers or organizations cannot be trusted because their promises and guarantees are no longer kept. You should be very watchful and careful when deciding to buy a car from an auto dealer. Extra consciousness will be your guarantee for avoiding scams, In other cases the possibility that you might be defrauded and robbed of your hard-earned money will increase surely.
Recently, it is widely discussed that President Obama is taking serious steps to protect the car buyers against auto dealer fraud and abuse. He has imposed a strict regulations and it is more related to avoiding financial fraud during the car buying process. The regulations will protect consumers against exploitation.
"Auto dealers disagree that they are mere intermediaries for financial institutions and banks that ultimately provide loans to auto buyers. The financial regulation by Obama is highly opposed by almost 18,000 car dealers. The more regulations added for auto/ car dealers will burden the consumers as their expenses will show a steep increase".
California was the first state in the country to have passed an auto lemon law in 1982. It has helped many consumers against defective automobiles. California lemon law is a pioneering legislation and is one of the most powerful and consumer-friendly laws in the country. Those who purchased used cars in California were expected to be on their own even if the car had hidden defects and the seller knowingly hid the lethal facts about the car.
Author Site
7/14/2010
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