California Code, Vehicle Code - VEH § 241




A “buy-here-pay-here” dealer is a dealer, as defined in Section 285 , who is not otherwise expressly excluded by Section 241.1 , and who does all of the following:

(a) Enters into conditional sale contracts, within the meaning of subdivision (a) of Section 2981 of the Civil Code , and subject to the provisions of Chapter 2b (commencing with Section 2981 ) of Title 14 of Part 4 of Division 3 of the Civil Code, or lease contracts, within the meaning of Section 2985.7 of the Civil Code , and subject to the provisions of Chapter 2d (commencing with Section 2985.7 ) of Title 14 of Part 4 of Division 3 of the Civil Code.

(b) Assigns less than 90 percent of all unrescinded conditional sale contracts and lease contracts to unaffiliated third-party finance or leasing sources within 45 days of the consummation of those contracts.

(c) For purposes of this section, a conditional sale contract does not include a contract for the sale of a motor vehicle if all amounts owed under the contract are paid in full within 30 days.

(d) The department may promulgate regulations as necessary to implement this section.





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