Kia Dealer Accused Of Deceptive Loaning Practices To Pay $1.25M | Carscoops carscoops
would offer a “credit repair” or “credit rehabilitation” program and tell customers that after making payments for six months that their credit score would improve and that they then could refinance their deal for a lower payment. According to the AG, that program was nothing more than a sales pitch to get more buyers into cars. On top of that, the dealer would inflate the income of potential buyers on loan applications to increase their approval odds.
“The program was a major problem, because it was very deceptive to consumers,” said Attorney General John Formella. “And the last thing we want is for a consumer who’s trying to do the right thing for their financial situation to be deceived into a loan that they can’t afford. That ultimately puts the consumer in a very tough financial position, and it also affects their credit long term.”The terms of the settlement should put an end to these types of practices. As part of the $1.
In addition, the dealership has to submit to four other main stipulations. It must hire an independent compliance monitor, which the state must approve.
During that time, the dealer must record audio and video of financing discussions between employees and customers, pay restitution to two customers who were victims of the deceptive practices, and implement a staff training program to educate them on state consumer protection laws.
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