California Civil Code Flashcards
Conditional sales contract
Must off a 2 day return policy “cooling off period” for except for used vehicles priced higher than 40,000 dollars
Maximum cost of conditional sales contract <$5,000
$75.00
Maximum cost of conditional sales contract for vehicles between $5,000-$10,000
$150.00
Maximum cost of conditional sales contract for vehicles between $10,000-$30,000
$250.00
Maximum cost of conditional sales contract for vehicles between $30,000-$40,000
1% of purchase price
Contract cancellation option agreement requirements
-name of seller and buyer
-description of vehicle and it’s VIN
-statement of maximum time allowed for return- not less than 2 days
-restocking fee statement
-maximum miles >250
-statement the buyer may obtain a full refund minus purchase price for the cancellation option agreement
When does 2-day cooling off period begin
Signature and delivery
Written notice required
Written notice must be given to exercise conditional sales contract
What condition must vehicular be in to return under the conditional sales contract
Substantially similar condition
What paperwork must the buyer return to the DMV if return is made under the conditional sales contract
-all original copies
-free of liens
-sign all documents to transfer ownership back to dealer
Conditional sales refund does not include
-cost of the contract cancellation option fee or restocking fee
Maximum restocking fee for conditional sales contract for vehicle’s <$5,000.00
$175.00 - minus the contract cancellation costs
Maximum restocking fee for conditional sales contract for vehicle’s between $5,000-$10,000
$350.00 minus the contract cancellation costs
Maximum restocking fee for conditional sales contract for vehicle’s more than $10,000
$500.00 minus the contract cancellation costs
Failure to meet terms of cancellation agreements
-exceeding time for return
-exceeding miles (250)
-condition of vehicle
