COLUMBIA, S.C. — If you have ever purchased a car in South Carolina, you may be familiar with the closing process related to the sale where dealerships can charge extra fees to complete the purchase.
You may also be aware that currently there is a maximum closing fee of $225 per vehicle, no matter the cost of the vehicle. A basic sedan and a high end luxury car are charged the same $225.
Now the South Carolina Department of Consumer Affairs (SCDCA) wants your input on the closing process and fees -- and on the agency's proposed regulation regarding a dealership's disclosure of the closing process and supporting a closing fee exceeding the current $225 per vehicle.
SCDCA is proposing new parameters for determining the reasonableness of dealer closing fees and other guidance regarding the filing process and displaying the fee in the dealership so consumers are aware of the fees before purchase. Closing fees would have to be filed with SCDCA and would not be considered effective until the agency receives the filing fee, a complete written notice and a cost analysis addendum (with supporting exhibits) if the dealer intends to charge a closing fee in excess of $225.
Interested persons have until 5 p.m. Wednesday, December 28, to file comments in writing to:
Kelly Rainsford, Deputy Administrator/General Counsel
South Carolina Department of Consumer Affairs
P.O. Box 5757, Columbia, S.C. 29250
SCDCA will also be conducting a free webinar covering the proposed regulation Wednesday, December 14 at 1:00 p.m. SCDCA Administrator and Consumer Advocate Carri Grube Lybarker will speak about the regulation process, background on the regulation and an overview of its contents. Register for the free webinar here to watch/listen from any computer.
