NMJournal.com
Consumer Alert

PROTECT YOURSELF FROM IDENTITY THEFT

Patricia Madrid   by NM Attorney General Patricia Madrid

Buying a car is an important element of independence, as my college bound son has pointed out to me. But before you take that step, I would like to pass along some important information.

Many used cars are sold “as-is” and you need to understand what that means. “As-is” means “as-is” - no warranty, none. You sign your name, you drive off - whatever happens is your responsibility. When you purchase a car “as-is” from a dealer, that dealer will not pay for any repairs that may be needed, it is your responsibility.

There is a common misunderstanding about the “three-day rule” where you may cancel a contract within three days if you change your mind. The three day right to cancel DOES NOT APPLY TO CAR PURCHASES. If you sign your name on a contract, the vehicle is yours. Once you have signed your name it is too late to change your mind.

Always read the contract thoroughly before signing your name. If you are financing a car, read the terms closely and don’t take the car off the lot until you have been approved by the lender, and the lender is typically not the car dealership. Some dealers will get you to sign a contract at a low rate of interest, then contact you later and say the financing “fell through” and ask you to sign another contract at a much higher rate of interest.

Before you purchase a car, do some homework. Determine what the Blue Book value is for the car that interests you. Decide what you can afford to pay, particularly if you will be taking on monthly payments. Don’t be rushed or pressured by car salesman. Have the car checked out by a certified mechanic. Think about it, do you need a car on campus or would a bike be a better option.

If you have a question or consumer complaint you may contact the Consumer Protection Division of the Attorney General's Office in any of the following ways:

  • call toll-free at 800-678-1508;
  • on-line at www.ago.state.nm.us;
  • or write to: P.O. Box 1508 Santa Fe, NM 87504-1508.

Patricia Madrid is the Attorney General of New Mexico.

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