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#2050079 - 11/17/15 05:24 PM Louisiana Motor Vehicle Sales Finance Act
Frosh Offline
Joined: Mar 2015
Posts: 87
Does anyone know if the LMVSFA applies to refis of an auto loan PLUS new money? Or, is that under the Louisiana Consumer Credit Law?

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#2050158 - 11/17/15 08:16 PM Re: Louisiana Motor Vehicle Sales Finance Act Frosh
EdOils Offline
Platinum Poster
Joined: Jan 2004
Posts: 553
LCCL. LMVSFA is for financing the purchase/acquisition of a motor vehicle.
You gain education by reading the fine print. You gain experience by not.

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#2050341 - 11/18/15 07:16 PM Re: Louisiana Motor Vehicle Sales Finance Act EdOils
Ski Offline
Platinum Poster
Joined: May 2003
Posts: 639
South Louisiana
Ed you might want to refer to the following to re-think your answer:

ยง969.6. Definitions

(9) "Consumer loan" means a loan of money or its equivalent made by a lender, the

proceeds of which are used by the consumer to purchase or refinance the purchase of a motor

vehicle, or which proceeds are used for personal, family, or household purposes, including debts

created by the use of a lender credit card, revolving loan account, or similar arrangement, as well

as insurance premium financing, with the lender acquiring a purchase money security interest in

the purchased motor vehicle. A consumer loan may be secured by other collateral in addition to the

purchased vehicle.

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