CA AB1534

Buy-here-pay-here dealers must affix a label on used vehicles stating the reasonable market value in at least 16-point bold type with heading and 12-point text for the value information.

The label must include the information and nationally recognized pricing guide used to determine reasonable market value, the date determined, and a statement that the value is for comparison shopping only, not the retail sale price.

Buy-here-pay-here dealers must provide prospective buyers with a copy of pricing information from nationally recognized guides (including Kelley Blue Book, Edmunds, Black Book, or NADA Guide) used to determine the vehicle's reasonable market value.

Defines "buy-here-pay-here" dealer as one that enters into conditional sale or lease contracts and assigns less than 90 percent of those contracts to unaffiliated third-party finance sources within 45 days.

Excludes lessors of vehicles two model years or newer and dealers that certify 100 percent of used inventory and maintain licensed service facilities with five certified master technicians from the buy-here-pay-here dealer definition.