New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 2 - CONSUMER PROTECTION
Part 13 - REQUIREMENTS FOR SPOT DELIVERY OF MOTOR VEHICLES
Section 12.2.13.6 - OBJECTIVE

Universal Citation: 12 NM Admin Code 12.2.13.6

Current through Register Vol. 35, No. 18, September 24, 2024

A. The purpose of this rule is to accomplish two principal objectives:

(1) deter unfair business practices in the sale of motor vehicles that result in economic harm, and

(2) provide clear legal standards for the sale of motor vehicles where the sale of the vehicle is contingent upon approval of financing of the vehicle.

B. The attorney general's office has received numerous complaints from consumers where the motor vehicle dealer asserts that the transaction is contingent upon financing of the vehicle or approval of financing, but where adequate disclosure of this contingency is not made in a timely manner, where the dealer asserts the right to cancel the contract based on a failure of this contingency or right to unilaterally renegotiate the terms of the sale, or where the dealer sells the consumer's trade-in vehicle prior to confirmation of financing and finalization of the transaction thus converting the use and possession of the consumer's trade-in vehicle.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.