Skip to content
BOL Conferences
Thread Options
#2246149 - 12/03/20 11:35 PM MLA- Applicable to Auto Leases?
Permissible Purpose Offline
Member
Joined: Sep 2017
Posts: 58
Hello all,

Quick question- is the MLA applicable to auto leases?

I am assuming yes so long as the lease contains a finance charge, has more than 4 installments, and has an applicable purpose. An auto lease seems to fit the criteria listed within the definition of "consumer credit" and does not meet the exceptions listed 232.2(2)(i) through (iv).

Thoughts are greatly appreciated!

Thanks!

Return to Top
Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#2246192 - 12/04/20 07:09 PM Re: MLA- Applicable to Auto Leases? Permissible Purpose
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
Leases are not covered under the MLA. It includes credit and Reg Z type products. Consumer leases are under Reg M.

The MLA does not include residential or vehicle leases. The SCRA can, but there is no MLA requirements here.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top

Moderator:  Andy_Z