The Iowa Office of the Attorney General says a Cedar Rapids used car dealer has agreed to refund more than $30,000 to customers after violating the federal Truth in Lending Act.
Iowa Attorney General Tom Miller says the Consumer Protection Division found that C.R. Cars of Cedar Rapids violated the act in almost all of the documents reviewed.
The Truth in Lending Act requires lenders to conspicuously disclose certain information to borrowers -- such as the annual percentage rate, the length of the loan and the total cost to the customer -- before extending credit.
Miller says the violations caused customers to pay higher finance charges than were disclosed. He added that the dealership repeatedly exceeded legal finance charges.
C.R. Cars agreed to refund customers and stop excessive late fees, loan disclosure violations, and illegal consumer loan contracts, according to Miller.
All content © Copyright 2001 - 2014 WorldNow and KTTC, a Quincy station.
Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Jodi Neyens at (507) 280-5104. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at firstname.lastname@example.org.