§662. Finance company or agency; designation of by manufacturer or wholesaler in contract with dealer prohibited; completion of sale
A. No manufacturer or wholesale distributor of motor vehicles shall sell or contract for the sale of motor vehicles to any motor vehicle dealer on the condition or with the agreement, expressed or implied, that the dealer shall finance the purchase or sale of motor vehicles only through a designated finance company or finance agency. Any such condition or agreement shall be void.
B. When an order for a motor vehicle is placed by a dealer in accordance with the current price bulletin and accepted by the manufacturer or wholesale distributor for the subsequent shipment and delivery to the dealer and the vehicle is for a private retail customer who orders the vehicle prior to the dealer's receipt of an official written price increase notification, the manufacturer or wholesale distributor shall not increase the price of the vehicle. A sales contract signed by the retail customer and binding upon both parties shall constitute conclusive evidence of the order. To be included under the price protection of this Subsection, the vehicle must be delivered to the retail customer who signed the sales contract.
C. When an order for motor vehicles is placed by a dealer in accordance with the current price bulletin for the subsequent shipment and delivery to the dealer and the vehicles are not for a private retail customer pursuant to Subsection B of this Section, the manufacturer shall notify the dealer of any price increases in the ordered vehicles. The manufacturer shall have the right to deliver the vehicles at the price that prevailed when the order was placed and shall give the dealer the right to accept all of the vehicles that were ordered. The dealer shall have the obligation of accepting all vehicles ordered at the price that prevailed when the vehicles were ordered and shall have the option of accepting the vehicles at the increased price or may cancel the order in whole or in part.
Amended by Acts 1981, No. 807, §1; Acts 1983, No. 599, §1.
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