What must a dealer provide to buyers regarding financing?

A dealer must provide clear and transparent disclosure of rates and terms to buyers regarding financing. This requirement is critical because it ensures that consumers are fully informed about the financial commitments they are entering into when purchasing a mobile or manufactured home. Transparency in the financing process includes providing detailed information on interest rates, loan terms, any additional fees, and the total cost of the loan over time. This helps buyers make informed decisions and understand their obligations.

Providing only verbal agreements or vague financing options without terms does not meet the legal standards for consumer protection. Buyers deserve to have all pertinent information documented clearly to avoid misunderstandings and ensure they are aware of their financial obligations associated with the purchase. Additionally, financing options that can change at any time without clear communication could lead to buyer dissatisfaction and potential legal issues for the dealer. Ultimately, maintaining honesty and clarity in financing practices not only protects consumers but also fosters trust in the business relationship.