|
|
Federal Laws That Authorize And Regulate Vehicle Dealership Financing And Leasing
Truth in Lending Act
- Requires that, before you sign the agreement, creditors give you written disclosure of important terms of the credit agreement such as APR, total finance charges, monthly payment amount, payment due dates, total amount being financed, length of the credit agreement and any charges for late payment.
Federal Consumer Leasing Act (FCLA)
- Requires the leasing company (dealership, for example) to disclose certain information before a lease is signed, including the total amount of the initial payment, the number and amounts of monthly payments, all fees charged, including license fees and taxes, and the charges for default or late payments. For an automobile lease, the lessor must additionally disclose the annual mileage allowance and charges for excessive mileage, whether the lease can be terminated early, whether the leased automobile can be purchased at the end of the lease, the price to buy at the end of the lease, and any extra payments that may be required at the end of the lease.
Credit Practices Rule
- Requires creditors to provide a written notice to potential co-signers about their liability if the other person fails to pay, prohibits late charges in some situations, and prohibits creditors from using certain contract provisions that the government found to be unfair to consumers.
Equal Credit Opportunity Act
- Prohibits discrimination related to credit because of your gender, race, color, marital status, religion, national origin or age. It also prohibits discrimination related to credit based on the fact that you are receiving public assistance or that you have exercised your rights under the federal Consumer Credit Protection Act.
For more information on federal credit regulations and consumer rights contact:
- Federal Trade Commission
Washington, DC 20580
Phone: 877-FTC-HELP (382-4357)
Web site: www.ftc.gov
- Federal Reserve System
Washington, DC 20551
Phone: 202-452-3693
Web site: www.federalreserve.gov
Some state laws may provide you with additional rights. For information on these laws, contact your state's consumer protection agency or Attorney General's office, Web site: www.naag.org.
|
Federal Laws
Major laws that govern financial institutions and protect individuals in their financial dealings
Organizations
Fannie Mae
Freddie Mac
Ginnie Mae
Nellie Mae
Sallie Mae
Consumer Info
Credit Bureau
Credit Report
Directory of Federal Agencies
Federal Trade Commission (FTC)
Identity Theft
Predatory Lending
Repair Your Bad Credit
Truth in Lending Act
Borrowers Beware
Copyright &
Disclaimer Info
© Loanfactz.com
2004/2008
Miscellaneous
Private Mortgage Insurance (PMI)
Prepayment Penalty
|