13
Jun
11

FTC Finds Dealers Compliant

Good news, the FTC found that auto dealers are in compliance with the Holder in Due Course Rule. They investigated nearly 50 auto dealers across the country and found broad compliance. Under the Holder in Due Course Rule if a dealer made any misrepresentations or fraud in selling the car on credit, the consumer could bring the dealers behavior as a defense to the lender’s demand for payments. It requires the dealer to include notice in the credit contracts of this and therefore gives lenders incentive to work with reputable dealers.

To read the full article in Used Car News, please click here.


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