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New Auto Dealer Law

New Auto Dealer Law

Cleveland Scrap Cars is back with our latest update. Are you asking yourself where to cash for my car in Garfield Heights, Eastlake or Twinsburg,? We offer you a price for scrap cars right over the phone and the old car removal is included in that quote. To get fast cash for cars in Ohio City, Highland Heights or Moreland Hills, simply contact our junk vehicle buyer today. On December 10, 2015 an article was composed on autodealermonthly.com titled ‘S.C. GAP Law Takes Effect’ with the following details: “As of Dec. 1, F&I offices operating in SC have a new set of rules to follow when selling guaranteed asset protection (GAP). While the new law mainly clarifies what GAP is and does, it also defines when the protection can be sold. The state’s GAP Act requires that GAP waivers include a 30-day right to cancel. It also prohibits dealerships and others from requiring that consumers purchase the protection to obtain credit or to recieve better terms. Consumers must receive a clear-written contract disclosing terms, such as the pricing, conditions and any exclusions in simple language.

Matthew Nowels, an attorney for Florida, says the law reflects the model act developed by the GAP Alliance, which he manages. The trade group, which was formed in 2006 of GAP providers, initiated discussions with the SC Department of Consumer Affairs about amending the law to provide a framework of how GAP is presented and sold. He said they felt there wasn’t a lot of clarity in existing law. One restriction says dealers can only sell GAP in conjunction with a loan unrelated to the purchase of a vehicle if the loan has an repayment term of more than 12 months and a principal amount over $4,000. Also added was that a dealer must believe the consumer will be eligible for a benefit under the product. Dealers also must have the consumer, credit terms, and the vehicle qualify under at least 80% of the MSRP for a new vehicle or the NADA average retail value for a used vehicle. The full article is available at this link.

Edmunds defines GAP coverage as follows: “GAP stands for Guaranteed Auto Protection, which in insurance. If you have an accident, your insurance will pay you the current market value of the car, but not the total amount of what you owe the finance company. This leaves a gap in your coverage, and an amount that you still have to pay. GAP insurance is a must for leasing. Car dealers traditionally sell GAP insurance in the finance and insurance office as the sales contract is being prepared.”[1]  One thing that Mr. Nowels did not elaborate on is that GAP coverage is often a controversial add-on product. From what I have gathered, selling GAP products benefits the F&I dealer staff through commission-style compensation. Often the staff may try to “slip in” this contract at the end of a car deal, briefly mentioning it as a necessary item, or other questionable sales tactics.

Get cash for my car

We are the greater Cleveland area’s premier spot to obtain cash for a car. Those in Bedford, Bentleyville Village, and Tremont can receive fast cash for cars today. Our scrap vehicle buyer is available to provide you a price for scrap cars 6 days a week throughout Walton Hills, Streetsboro and Mentor. We handle old car removal from the regions of South Euclid, Cleveland Heights and Wickliffe. Even if your car is sitting at a Conrad’s location, transmission shop, or Goodyear store in Aurora, Shaker Heights or North Randall—we will pick it up.  

[1] http://www.edmunds.com/car-loan/gap-insurance-how-it-impacts-your-car-loan-or-lease.html