On Tuesday California Governor Arnold Schwarzenegger signed into law a Car Buyers Bill of Rights that enacts new rights and protections for Californians purchasing a used vehicle. The law gives buyers a two-day "cooling off" period to return a vehicle with which they're unhappy, but also allows dealers to charge a fee for this option. It also requires dealers to inform car buyers of the lowest finance rate for which they qualify, creates standards for the use of the word "certified" in advertisements, and puts a cap on dealer-imposed finance charges. Everything in the Bill of Rights sounds like a step forward for consumer protection except for allowing dealers to charge a fee for a two-day return policy. Wouldn't it be smarter to charge a flat "restocking fee" for any car returned within two days, which might prevent dealers from overcharging for the right to return an unsatisfactory vehicle?
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