Section 04.02.01.235 - CREDIT SALES ADVERTISINGIt is an unfair and deceptive act or practice for a dealer to: (3-31-22)
01.Disclosure Requirements. Fail to clearly and conspicuously disclose in connection therewith that the advertised credit terms are available "On Approved Credit," or the abbreviation, "OAC." In advertising credit terms, a dealer shall also comply with either CPR 235.01.a. or CPR 235.01.b. below: (3-31-22) a. Credit terms advertised by a dealer shall be calculated on the basis of the total retail price of the advertised motor vehicle (which, for purposes of calculating credit terms must include any applicable dealer documentation service fee, as defined herein) plus taxes, license, and title fees, from which may be subtracted out only the amount of the advertised down payment; or (3-31-22)b. The credit terms advertised by a dealer may be calculated exclusive of taxes, license, and title fees and the dealer's documentation service fee so long as the following statement (or a statement of similar meaning) is clearly and conspicuously disclosed in connection with the credit sale advertisement: "DOES NOT INCLUDE TAXES, TITLE, LICENSE FEES OR $______DEALER DOC FEE" (insert actual amount charged for dealer documentation service fee). (3-31-22)02.Advertised Terms Unavailable. Advertise credit terms that are not actually available. (3-31-22)03.Advertised Finance Rates. Advertise a finance rate (A.P.R.) without disclosing, if such is the fact, the following: (3-31-22)a. That such rate is limited to certain models; (3-31-22)b. That to take advantage of such a reduced rate, a consumer must purchase additional options or services; (3-31-22)c. That taking advantage of the rate will increase the final price of the vehicle or options or services purchased; (3-31-22)d. That the offer expires after a limited time period; or (3-31-22)e. Any other conditions, qualifications, or limitations which materially affect the availability of such rate. (3-31-22)04.Truth in Lending Disclosures. Fail to comply with the disclosure requirements of the federal Truth in Lending Act ( 15 U.S.C. Section 1601 et seq.) and Regulation Z promulgated by the Board of Governors of the Federal Reserve System ( 12 C.F.R. Section 226 ). Truth in Lending disclosures must be clear and conspicuous. (3-31-22)Idaho Admin. Code r. 04.02.01.235