CAR BUYERS’ BILL OF RIGHTS ACT (cont'd)

        (1) Cancellation occurs when the buyer gives written notice of cancellation to the seller at the address specified in the contract. To complete the cancellation, the buyer must return the motor vehicle, in substantially as good condition as when received, to the seller at the seller’s place of business within 24 hours of providing written notice of termination. A used motor vehicle that is returned with damage sustained as a result of a defect existing at the time of sale shall be deemed to be "in substantially as good condition as when received" for the purposes of this section.

        (2) Notice of cancellation, if given by mail, is effective when deposited in the mail properly addressed with postage prepaid.

        (3) Notice of cancellation given by the buyer need not take any particular form, as long as it is written, and however expressed, is effective if it indicates the intention of the buyer not to be bound by the motor vehicle conditional sale contract.

        (4) Upon completion of cancellation of the contract, the buyer is entitled to a full refund from the seller, minus a reasonable offset for mileage added to the odometer after purchase. "A reasonable offset for mileage added to the odometer after purchase" means the sum of the purchase price of the motor vehicle, divided by 120,000 miles, multiplied by the number of miles added to the odometer after purchase.

(5) A motor vehicle sale contract, including a conditional sale contract, for the sale of a used or pre-owned car, shall contain in immediate proximity to the space reserved for the buyer’s signature, a conspicuous statement, written in the same language, e.g., Spanish, as principally used in the oral sales presentation, in a size equal to at least 10-point bold type, as follows: "You, the buyer, may cancel this transaction at any time prior to midnight of the third business day after the date of this transaction by providing written notice of cancellation to the seller at _____________ [seller’s address]. Notice of cancellation, if given by mail, is effective when deposited in the mail properly addressed with postage prepaid. The notice of cancellation need not take any particular form, as long as it is written and it indicates your intention to cancel this transaction. You must complete the cancellation by returning the car, in substantially as good condition as when received, to the seller at ________ [seller’s place of business] within 24 hours of providing written notice that you intend to cancel this transaction."

(c) If the seller of a motor vehicle arranges a loan for the buyer, the seller shall disclose the buyer’s credit score, as defined in Civil Code section 1785.15.1, and the lowest interest rate from the lender for which the buyer qualifies. The seller shall include this disclosure in the contract, written in the same language, e.g., Spanish, as used in the contract, in at least 10- point boldface type, reading as follows: "Notice to buyer: (1) Your credit score, as calculated by ______, is ______; (2) The lowest interest rate from the lender for which you qualify is _____%." The seller may charge the buyer no more than $150 for arranging the loan and is prohibited from accepting any other commission, payment or compensation for arranging the loan.

(d) If the seller of a motor vehicle arranges a loan for the buyer and the purchase and/or lease includes the sale of after-market items, such as an extended warranty, a service contract, fabric protection, an alarm and/or a vehicle theft product, the seller shall disclose in the contract, written in the same language, e.g., Spanish, as used in the contract, in at least 10 point boldface type, reading as follows: "Notice to the buyer: (1) You have agreed to purchase the following after-market item:____________; (2) The cash price of this item is: $_____; (3) The actual monthly cost to the buyer for this item is: $_____/month; (4) The total cost for this item is: $_____."