Following a public comment period, the Federal Trade Commission approved final consent orders against two Las Vegas dealers that the regulator determined to have misrepresented the cost of vehicle in advertising.
Officials recapped that back in June, TC Leadership —which does business as Planet Hyundai and Planet Nissan — agreed to settle FTC charges that their ads included heavily discounted prices that were not generally available to consumers.
The consent orders prohibit the dealers from misrepresenting the cost of financing or leasing a vehicle, stating the amount due at signing without disclosing certain lease terms, and failing to comply with Regulation M and the Consumer Leasing Act, and Regulation Z and the Truth in Lending Act.
The dealerships are also prohibited from stating the amount or percentage of any down payment without disclosing repayment terms and the annual percentage rate.
The FTC vote approving the final Planet Hyundai and Planet Nissan consent orders was 5-0.