Current through Register Vol. 56, No. 18, September 16, 2024
(a) In any
advertisement offering a new or used motor vehicle for lease, at an advertised
price, the following information shall be included:
1. That the transaction advertised is a
lease;
2. The amount of any payment
required at the inception of the lease or that no payment is required if that
is the case;
3. The number,
amounts, due dates or periods of scheduled payments and the total of such
payments under the lease;
4. A
toll-free number that may be used by consumers to obtain the information
required under (f) below; and
5.
The business name and, if an individual dealer, the address of the
advertiser.
(b) In all
written advertisements the information required in (a) above shall be
prominently displayed in at least 10 point type and shall be easy to find, read
and understand.
(c) If the
advertiser elects to use a full disclosure format in a written advertisement,
then the information in (f) below shall be prominently displayed in at least 10
point type and must be easy to find, read and understand.
(d) An advertisement which is not in writing
shall clearly and audibly state the information in (a) above at a decibel level
equal to the highest decibel level used in the advertisement and at a speed
equal to or slower than any other statement contained in the advertisement. In
a television broadcast, the information shall be prominently and conspicuously
displayed for at least five continuous seconds for each model
advertised.
(e) The toll free
number required pursuant to (a)4 above shall be operational not later than the
date on which the advertisement is broadcast or published. The advertiser
shall:
1. Maintain the toll free number for
48 hours after the last day of the advertisement;
2. Ensure that the toll free number is
operational from 9:00 A.M. to 9:00 P.M. Monday through Saturday;
3. Provide the information required under (f)
below in a clear and audible manner, to any person who calls the toll free
number; and
4. If requested,
provide the information required under (f) below in written form to be mailed,
postage paid, to the consumer's address.
(f) Information provided through the use of a
toll free telephone number shall include:
1.
The advertiser's business name and address;
2. Identification of the transaction as a
lease;
3. Whether or not the
advertised price refers solely to a business lease;
4. Whether it is an open-end or closed-end
lease;
5. The number, amounts, due
dates or periods of scheduled payments and the total of such payments under the
lease;
6. All other itemized
payments such as security deposits or capitalized cost reduction required at
the initiation of the lease;
7. The
cost of the lease which shall include the sum of (f)5 and 6 above;
8. The manufacturer's suggested retail price
as it appears on the Monroney label; when given in writing to the consumer,
clearly denominated by using the abbreviation "MSRP";
9. A statement that "price(s) include(s) all
costs to be paid by the consumer, except for licensing, registration and
taxes." When given in writing to the consumer, it must be set forth in at least
10 point type;
10. Whether the
lessee has the option to purchase the advertised motor vehicle and at what
price and time; the method of determining the price may be substituted for
disclosure of the price;
11. The
amount (including termination charge, if any) or method of determining any
liability imposed upon the lessee at the end of the term and a statement that
the lessee shall be liable for the difference, if any, between the estimated
value of the leased motor vehicle and its realized value at the end of the
lease term, if the lessee has such liability;
12. A statement of the items included as
standard equipment on the advertised motor vehicle;
13. Whether the transmission is automatic or
standard; whether the brakes and steering mechanism are power or manual and
whether the vehicle has air conditioning, unless such items are included under
*(f)12* above. This provision shall not apply to motorcycles;
14. The year, make, model and number of
engine cylinders of the advertised vehicle;
15. The last eight digits of the vehicle
identification number or "VIN." This provision shall not apply to
motorcycles;
16. If the advertised
vehicle is a used vehicle, the actual odometer reading at the date of placing
the advertisement for publication; and the nature of prior use, unless
previously and exclusively owned or leased by individuals for their personal
use, when such use is known or should have been known by the advertiser;
and
17. If the advertised vehicle
is a "demonstration vehicle" or "demo," identification of the vehicle as a
"demonstration vehicle" or "demo;" and the actual odometer reading at the date
of placing the advertisement for publication.
(g) It shall be an unlawful practice to fail
to include the information required by this section.
