Markets Wired

Following a public comment period, the Federal Trade Commission has approved final consent orders against two Las Vegas auto dealers that misrepresented the cost of cars in advertising.

In June 2015, TC Leadership LP, doing business as Planet Hyundai, and JS Autoworld Inc., d/b/a Planet Nissan, agreed to settle FTC charges that their ads included heavily discounted prices that were not generally available to consumers.

The consent orders prohibit the dealers from misrepresenting the cost of financing or leasing a vehicle, stating the amount due at signing without disclosing certain lease terms, and failing to comply with Regulation M and the Consumer Leasing Act, and Regulation Z and the Truth in Lending Act. They are also prohibited from stating the amount or percentage of any down payment without disclosing repayment terms and the annual percentage rate.

The Commission vote approving the final Planet Hyundai and Planet Nissan consent orders was 5-0.

To learn more, read Buying & Owning A Car.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.