Some car buyers to be reimbursed

April 28, 2009 5:51:27 PM PDT
Thousands of California car buyers who lost money when their auto dealer shut down will now be reimbursed.

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Last year, 480 car dealers went out of business and the legislature and governor moved to help their customers.

Many car buyers never received credit for their trade-ins because the now out of business dealerships didn't pay off liens or transfer license fees and taxes to the DMV.

Now a state fund is in place to reimburse these consumers.

"Consumers are desperate for relief when car dealers go out of business and leave them in a lurch," said Rosemary Shahan from the Center for Auto Reliability and Safety.

The fund was delayed four months when key lawmakers failed to make appointments to the commission set up to oversee the fund.

Related Link: Car Recovery Fund

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