N.M. Admin. Code § 12.2.4.17

Current through Register Vol. 35, No. 21, November 5, 2024

Section 12.2.4.17 - ON APPROVED CREDIT

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.

N.M. Admin. Code § 12.2.4.17

5-1-98; Recompiled 10/15/01