The bill amends section 681.102 of the Florida Statutes, specifically revising the definition of "purchase price" within the context of the Motor Vehicle Warranty Enforcement Act. The new definition clarifies that the purchase price includes the cash price along with any allowance for a trade-in vehicle, while explicitly excluding debt from other transactions. Notably, if the trade-in allowance is not acceptable to both the consumer and the manufacturer, the bill stipulates that the trade-in allowance must equal 100 percent of the retail price of the trade-in vehicle as determined by J.D. Power, rather than the previously referenced NADA guides.

Additionally, the bill places the responsibility on the manufacturer to provide the applicable J.D. Power valuation, replacing the previous requirement for NADA book references. This change aims to standardize the valuation process for trade-in vehicles, ensuring that consumers receive a fair assessment based on a widely recognized source. The act is set to take effect on July 1, 2026.

Statutes affected:
S 226 Filed: 681.102