New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 2 - CONSUMER PROTECTION
Part 4 - REQUIREMENTS FOR THE ADVERTISING AND SALE OF MOTOR VEHICLES
Section 12.2.4.12 - BELOW MARKET FINANCE CHARGE
Universal Citation: 12 NM Admin Code 12.2.4.12
Current through Register Vol. 35, No. 18, September 24, 2024
A. If dealer participation in "buying down" an interest rate may affect the final price of the vehicle, it is an unfair or deceptive trade practice for a dealer to fail to clearly and conspicuously disclose that fact in any advertisement offering the interest rate.
B. It is an unfair or deceptive trade practice for a dealer to advertise below market financing rates unless the advertisement clearly and conspicuously discloses all the terms which must be met in order to qualify for that advertised rate. Examples are large down payments, hidden finance charges, unusual terms of the loan or higher selling prices.
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