This is information that every automobile dealer has at their fingertips but is typically unavailable to consumers. The legislation also beefs up the consumer protections for advertising by clarifying that the requirements of the Consumer Leasing Act of 1976 apply not just to television, radio and newspapers, but to all potential lease advertising information, such as videotapes, toll-free numbers, newsletters, commercial mailings and fliers, and the internet. And requires that advertisers clearly identify payments as applying to lease transactions, and that highlighted lease terms that apply only to a single car, or only to a limited number of vehicles, be clearly and conspicuously identified in advertisements. The bill also incorporates in current law several important changes in lease advertising advocated by the Federal Reserve Board and the Federal Trade Commission. Buying or leasing an automobile is one of the most important consumer transactions for most American households.
Consumers have a right to know all the relevant costs and details before signing a lease.
And they deserve to have adequate information to comparison shop for auto leases in the same way they shop for a mortgage or any major consumer purchase. AAA applauds your effort to help consumers make well-informed lease choices and we look forward to working with you to pass this very important legislation.