February 29, 2012
Jefferson City, Mo. – Attorney General Chris Koster said today he has reached a settlement with St. Louis-based Preowned Auto Sales, LLC, and St. Louis Car Credit, LLC. Koster said the agreement comes after an investigation revealed that the two companies were selling cars without the necessary inspections, charging late fees in violation of Missouri law, and improperly withholding deposits from customers who later decided not to purchase a vehicle.
Under the terms of the agreement, the two companies have agreed to pay $1,600 in restitution to their former customers, and $1,400 in penalties. In addition, the companies have agreed, among other things, to cease requiring non-refundable deposits for retail sales, and only sell cars that have current and valid safety inspections.
“The Attorney General’s Office has an important role in ensuring pre-owned car businesses play by the rules and treat customers fairly,” Koster said. “We will continue to take action against those pre-owned car businesses that violate Missouri laws, and this settlement should serve as a reminder to them.”