16 CFR Part 455 Used Motor Vehicle Trade Regulation Rule; Project No. P087604
Buying a used car is essentially buying a something in a box. You can see the make, model, style, and color, but you can't really see how reliable the car is. If something goes wrong with, say, the transmission once you drive off the lot, you are out of luck and a bunch of money. This actually happened to my mother in law. The dealers stick to the letter of law. They will gladly sell you a car they know has been in a flood, accident, but they won't tell you that unless it's required by law. The American public needs strong legislation to protect them from predatory car sales. Dealers need to be made to disclose all issues with the cars they sell. I do not mean to paint all dealers dishonest. There are many good honest dealers out there. The trick is to know which is which.