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New rule from the FTC protects consumers from “exploitative” car buying fees: This is expected to save Americans $3.4 billion.

FTC Announces CARS Rule to Fight Scams in Vehicle (PHOTO: Federal Trade Commission)

FTC Announces CARS Rule to Fight Scams in Vehicle (PHOTO: Federal Trade Commission)

According to Business Insider report, The Federal Trade Commission (FTC) has completed the Combating Auto Retail Scams (CARS) Rule. This is meant to give customers more power and make the car-buying process more clear. This new rule is meant to stop dishonest actions by car sellers, especially the well-known “bait-and-switch” tricks and secret fees that buyers often don’t know about. Lina Khan, Chair of the FTC, said that the CARS Rule will stop unfair fees that cost Americans about $3.4 billion and 72 million hours every year. The rule requires sellers to show the full price of the car, including any extras, and doesn’t allow extra fees for programs that aren’t needed. The CARS Rule, which is set to go into effect on July 30, 2024, is in line with the Biden administration’s and the FTC’s larger efforts to get rid of secret fees across a wide range of industries. It will make things clear for customers and punish companies that don’t follow the rules. Because car prices might go down or up, this is good news for people who want to buy a car. In order to make the change to the new legal environment go smoothly, the FTC wants to give customers advice and sellers instructions.

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