RALEIGH, N.C. — Alan Vester and six car dealerships he owns have agreed to pay the North Carolina Department of Justice $100,000 as part of a settlement regarding deceptive advertising and financing practices.
Attorney General Roy Cooper announced the agreement on Wednesday.
As part of the agreement, the Vester dealerships have agreed to cap percentage points added to transactions financed through the dealer as well as to disclose additional information about finance charges. The dealerships also agreed to train management on financing, sales, and advertising laws and guidelines.
The $100,000 is to cover attorney’s fees and consumer education costs.
“Buying a car can be expensive and complicated,” Cooper said in a statement. “We want to make sure that consumers get good information about the true cost of buying a car.”
The Vester dealerships are in Roanoke Rapids, Henderson, Oxford, and Burlington.
The Consumer Protection Division of Cooper’s office began investigating the dealerships in July 2005.
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