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Reg. Z --12 CFR § 226.1

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District Court (Conn.) Finds Separately Financed Down-Payment on Car Purchase Was Not a “Deferred Downpayment”; Complies with Reg. Z

by Scott J. Hyman |

In Aleman v. Ellington Auto Sales & Financing, LLC, 2012 WL 3611212 (D.Conn. 2012), Judge Underhill found that a downpayment on a car evidence by a note was not a deferred down-payment under TILA, but rather was permitted under Reg. Z’s allowance of a creditor to disclose the terms of the Note separately from the disclosures pertaining to the RISC. … Read More

District Court (Cal.) Remands Case Against Auto Finance Company who Removed to Enforce Arbitration Clause/Class Action Waiver Because FTC Holder Rule/ASFA Involved No Substantial Federal Question

by Scott J. Hyman |

In Medina v. Performance Automotive Group, Inc.,  2012 WL 219308 (E.D.Cal. 2012), Judge Karlton remanded to state court a class action alleging that a car dealer illegally ‘backdated’ retail installment contracts.  The defendant finance company had removed the matter to federal court, and then moved to compel arbitration (and the class action waiver) under Concepcion.   Judge Karlton found that neither… Read More

FRB Adopts Rules Increasing Reg.M/Reg.Z Thresholds to $50,000, Effective July 21, 2011

by Scott J. Hyman |

The Federal Reserve Board recently adopted two rules, Reg. Z Rule, and Reg. M Rule, that would expand the coverage of consumer protection regulations to credit transactions and leases of higher dollar amounts.   The final rules amend Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) to implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act.… Read More

Cal. Court of Appeal Addresses ‘Backdating’/Remedies under ASFA

by Scott J. Hyman |

In Nelson v. Pearson Ford Co., --- Cal.Rptr.3d ----, 2010 WL 2779307 (2010), the California Court of Appeal dealt with the issue of re-written contracts, the “single-document rule”, and remedies available under the Rees-Levering Automobile Sales Finance Act.  In Nelson, the Dealer sold car to buyer on Day 1.  The original contract was signed that day and the customer drove… Read More