Markets Wired

In response to requests from stakeholders, the Federal Trade Commission has extended the deadline for the public to submit comments on potential revisions to the Used Car Buyers Guide required by the agency’s Used Car Rule.  The deadline to submit comments will be extended from February 11, 2013, until March 13, 2013.

In December 2012, the FTC announced that it was seeking public comments on proposed changes to the Used Car Buyers Guide as part of its systematic review of all of the agency’s rules and guides.

The Used Car Rule, formally known as the Used Motor Vehicle Trade Regulation Rule, has been in effect since 1985 and requires car dealers to display a window sticker, known as a Buyers Guide, on the used cars they offer for sale.  The Buyers Guide discloses whether the dealer offers a warranty and, if so, its terms and conditions, including the duration of the coverage, the percentage of total repair costs the dealer will pay, and which vehicle systems the warranty covers.  In states that do not permit sales of used cars “as is,” or without warranties, dealers must display an alternative version of the Buyers Guide.

For more information about the Used Car Rule, read Buying a Used Car.  For used car dealers, the FTC offers A Dealer’s Guide to the Used Car Rule.  “Fillable” versions of the Buyers Guide in English and Spanish are now available at FTC.gov.

The Commission vote to extend the deadline was 5-0.  To comment by mail, write “Used Car Rule Regulatory Review, Project No. P087604” on comments and send them to Federal Trade Commission, Office of the Secretary, Room H-113 (Annex T), 600 Pennsylvania Avenue, N.W., Washington, DC 20580. Comments must be received by March 13, 2013.  All comments received will be posted at www.ftc.gov/os/publiccomments.shtm.

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.