Louisiana Motor Vehicle Sales Finance Act

Posted By: Frosh

Louisiana Motor Vehicle Sales Finance Act - 11/17/15 05:24 PM

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?
Posted By: EdOils

Re: Louisiana Motor Vehicle Sales Finance Act - 11/17/15 08:16 PM

LCCL. LMVSFA is for financing the purchase/acquisition of a motor vehicle.
Posted By: Ski

Re: Louisiana Motor Vehicle Sales Finance Act - 11/18/15 07:16 PM

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.