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#1799600 - 03/29/13 02:42 PM Car dealer faces jail and fine
Andy_Z Offline
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The car dealer is now facing jail and a fine for thumbing his nose at the SCRA. (Not surprising for someone who finances used cars at a 25% rate.)

In February 2011, Nuss, the owner of North Alabama Wholesale Autos, sold a 2002 Ford Sport-Trac to a 22-year-old man. The vehicle was sold for $9,746 and financed at 25 percent interest annually.

In May 2012, the man was called to active duty in Afghanistan. In July, the man sent Nuss a letter requesting that the dealership reduce the interest rate on his car loan from 25 percent to 6 percent, as required by the act.

Nuss never reduced the rate and, two days after receiving the letter, hired two men who repossessed the vehicle without a court order, in violation of the act.


http://blog.al.com/spotnews/2013/03/federal_grand_jury_indicts_cul.html
Last edited by Andy Z; 03/29/13 02:43 PM.
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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#1799620 - 03/29/13 03:14 PM Re: Car dealer faces jail and fine Andy_Z
Kathleen O. Blanchard Offline

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The repo as a response just takes the cake!
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#1799625 - 03/29/13 03:17 PM Re: Car dealer faces jail and fine Andy_Z
John Burnett Offline
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Bottom-feeding scum.
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#1800231 - 04/01/13 09:04 PM Re: Car dealer faces jail and fine Andy_Z
Andy_Z Offline
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This is why the SCRA exists. The unfortunate side is that to prevent things like this, "lenders" meaning more regulated banks than tote-the-note lots will be examined and regulated.
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AndyZ CRCM
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Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#1800250 - 04/01/13 09:45 PM Re: Car dealer faces jail and fine Andy_Z
HRH Okie Banker Offline
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Oklahoma
I hope they fine the dealer the max of $100k and give it to the servicemember.
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