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July 20, 2012

Mason City Used Vehicle Dealer Agrees to Comply with Truth in Lending Act, Discontinue Unlawful Disclosure Practices

(DES MOINES, Iowa) A Mason City used car dealer has agreed to comply with Iowa’s Truth in Lending Act after Attorney General Tom Miller alleged the dealer failed to comply with state laws requiring credit transaction disclosures to consumers and the state.

In an agreement with Amerimex Auto, called an assurance of discontinuance, Amerimex agreed to change its consumer credit transaction contracts to comply with state law.  Those contracts must disclose the Annual Percentage Rate (APR), total payments, total amount financed, and total sales price.

Amerimex has agreed, as the law requires, to provide its consumers copies of contracts and other pertinent consumer credit transaction documents.  Those documents must include conspicuous notice that the consumer should not sign them until reading them, that the consumer is entitled to a copy, and is also entitled to prepay the unpaid balance at any time with penalties not exceeding those permitted by law and the terms of the written contract.

Amerimex also agreed to file proper consumer credit transaction documents and fees with the state, and pay fees and back fees owed over the past two years.

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