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#517280 - 03/20/06 03:36 PM Intro Rate on Auto Loan
straw Offline
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Joined: Nov 2002
Posts: 9,121
We are looking at setting up a 6 month intro rate for auto loans. Loan will move to higher fixed rate for remainder of term, with payment increase I have searched prior threads and I am a little confused.

Is this a variable rate product?

Do we need to disclose a blended APR?

Do we need to show two payment streams?

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Lending Compliance
#517281 - 03/20/06 05:33 PM Re: Intro Rate on Auto Loan
rlcarey Offline
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Joined: Jul 2001
Posts: 83,628
Galveston, TX
If the fixed rate to which it is moving is known at the time the loan is closing, then no - it is not variable rate.

Yes, you would need to disclose the blended rate and two payment streams.
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