Disclosures on Financing Sale of Repo Vehicle
by Richard Insley, BOL Guru Guru BIOS
Question: Are there any federal rules that a bank has to comply with when they are financing to another person a vehicle that the same bank had repossessed?
Answer: If the sale of a bank-owned vehicle is financed by the bank, you have a "credit sale" requiring additional TIL disclosures. See model form H-1 in Regulation Z.
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