Gift cards to new loan customer....allowed?

We are considering a automobile refinance promotion and would like to offer new borrowers who get a loan a $50 gas card. Can we do that? If so, are there any disclosure requirements, etc. that we need to be mindful of?

Just as a note, we will still charge our typical $195 loan fee. If we do this, do we have to offer the borrower the choice between a $50 gas card or $50 off the loan fee?

I am still needing an answer on this....can anybody help me?

I even asked my compliance consultant and she said she would research it and get back to me...no word yet.

I guess this is a bigger deal than I though.

IMHO it is no big deal. They close a loan you hand them a $50 card. They close more than 12 loans a year and you hand them more than $600 in cards - you file a 1099MISC at the end of the year.

Fabulous.....I figured as much...just needed some hand holding. Thanks a bunch!!!!