Springport, MI asked in Civil Litigation, Consumer Law and Contracts for Michigan

Q: what does Law code 15USC1662B mean in lamens terms. The Truth in Lending.

I keep hearing about this law i have looked it up but i dont understand the way it is written. as i am told "it is illegal to charge for a down payment on a vehicle from a car lot dealership.

1 Lawyer Answer
Brent T. Geers
Brent T. Geers
  • Grand Rapids, MI
  • Licensed in Michigan

A: Truth In Lending covers what must be disclosed by lenders to consumers. It's impossible to summarize what is a voluminous piece of legislation covering many different scenarios. If you have any doubts about what is presented to you by a car dealership, or any other lender, you should consult with a local lawyer before signing.

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