NADA recently released A Dealer Guide to Federal Truth in Lending Requirements.
The guide is available online at www.nada.org.
Prepared by experienced financial services attorney Randy Henrick, the guide details the many technical disclosure requirements that the Truth in Lending Act (TILA) and its implementing regulation (Regulation Z) impose on dealer credit operations as well as certain related credit issues.
The guide explains such important topics as how to properly disclose in a consumer credit transaction the finance charge, amount financed, annual percentage rate, total of payments, total sale price, negative trade equity, and amounts paid to others.
Dealers are encouraged to share the guide with their attorney to help ensure their credit operations comply with TILA and Regulation Z.
Courtesy of PAA Bulletin No. 6, 3/26/2018