Representative Nathan Sosa told the Senate Committee on Labor and Business during an April 17 public hearing that House Bill 3178 aims to protect car buyers who are told financing terms at the point of sale but later informed the dealer cannot secure those terms. "Most folks think at that point that it is a done deal. The problem is that in many cases, it isn't," Sosa said.

Sosa outlined four main elements of the bill: shorten the dealer window to secure promised financing from 14 days to 10 days; provide the buyer the right to void the transaction within 10 calendar days if the lender cannot match the promised terms (with limited exceptions for extensive vehicle wear); require a retail installment contract disclosure document (laid out in statute) that includes the right to void and contact information for the Oregon State Bar and the Oregon Department of Justice; and require compensation if a trade-in was disposed of and cannot be restored.

Sosa said the bill was developed after extensive negotiation with dealer associations and consumer advocates and that it had passed the House unanimously. "This bill was extensively discussed and worked on, in rooms full of lawyers and auto dealers," Sosa said. He described the trade‑in compensation provision as the greater of three amounts: the outstanding loan balance, the trade‑in value listed in the contract, or the amount the dealer sold the trade‑in for to a subsequent buyer.

Angela Donnelly of Oregon Consumer Justice testified in favor of the bill, saying the bill grew from an auto‑purchasing cohort that brought together community advocates and experts and that the measure would increase transparency and predictability for consumers. "Consumers deserve to feel confident the car dealerships will fulfill their promises and stick to the financing terms agreed to at the time of the car purchase," Donnelly said.

The committee closed the public hearing on HB 3178; no committee vote was recorded on April 17.