Used-Car Rule Protects Buyers

 

Victory State Bank points to federal demands on sellers 

 

STATEN ISLAND, N.Y. -- There may be times that you consider buying a previously owned vehicle. Before moving forward, Victory State Bank suggests you become familiar with federal guidelines that sellers must comply with.

Here are the basic points in the Federal Trade Commission (FTC) rule governing sales of used cars.

  • Know your rights.

Generally, the FTC Car Rule requires dealers (including commercial outlets, which encompass the likes of rental and leasing companies and even online sales) to display a Buyers Guide on used cars they offer for sale.

The Buyers Guide must tell you:

  • Whether the vehicle is being sold "as is" or with a warranty
  • What percentage of the repair costs a dealer will pay under the warranty
  • That spoken promises are difficult to enforce
  • To get all promises in writing
  • To keep the Buyers Guide for reference after the sale
  • The major mechanical and electrical systems on the car, including some of the major problems to look out for
  • To ask the dealer if you may have the vehicle inspected by a mechanic you hire, either on or off the lot

For additional important information, go to www.ftc.gov.

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

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