Chicago Automobile Trade Association

No more old Buyers Guides

January 26, 2018
As of Jan. 27, the previous version of the Buyer's Guide cannot be used. The rule surrounding the current version took effect Jan, 28, 2017, but the Federal Trade Commission gave dealers a one-year grace period to draw down their inventories of the old version.
 
Enforcement actions for noncompliance with the Used-Car Rule can run up to $40,654 for each violation.
 
In November 2016, the FTC approved an overhaul to its Used Car Rule, defining what constituted an "as is" sale, and adding air bags and catalytic converters to the list of major defects that occur in used vehicles. It also required the provision of a Spanish language Buyer's Guide if the sale was conducted in Spanish. 
 
 

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