X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. PAUL, Minn. – The Minnesota Court of Appeals ruled last month that lenders are not required to disclose to retail vehicle loan customers the difference between the annual percentage rate they offer dealerships – know as the buy rate – and the interest rates that dealerships quote to customers. In a decision consistent with previous court rulings, the Minnesota Court’s decision rejected class-action claims that Ford Motor Credit Co. engaged in deceptive business practices based on failure to disclose markups on its loans. In announcing his decision, Judge Randolph Peterson said when a retail installment contract fully discloses the total amount the consumer is required to pay, the dealer discount or markup is immaterial. He added that neither the Truth in Lending Act nor the consumer protection statutes imposes on dealers the duty to disclose that Majors seeks to create.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.