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 12.2.4.17 - ON APPROVED CREDIT
Universal Citation: 12 NM Admin Code 12.2.4.17
Current through Register Vol. 35, No. 18, September 24, 2024
It is an unfair or deceptive trade practice for a dealer to advertise a specified finance rate and then have a customer sign a contract with a higher finance rate, unless the advertisement discloses the information specified in Section 18 [now 12.2.4.18 NMAC] for the loan program under which the low rate is offered and:
A. the customer declines to participate in the program advertised; or
B. the customer is not financially eligible for that loan program; or
C. the transaction is not eligible for the loan program.
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