Source Technologies recently introduced an integrated hardware/software system that automates the cash drawer, thereby freeing tellers from the task of cash counting.
I understand that loan proceed checks are considered cashier's checks. We have had several occasions where an auto dealership claims not to have received our check and we have to place a stop pay. Should the dealer be signing a notarized stop pay or should our customer who is purchasing the car do this? Can we process this internally without a notarized stop pay request?
We are doing a fifteen second radio commercial, and I would like to say that rates start at 1.99% APR on auto loans. How much disclosure is necessary? On a print ad, we always say "Must qualify: actual rate determined by credit score and vehicle age. Rate reflects a .25% discount for automatic payment from a [bank name] account. Existing [bank name] loans do not apply."
Is it required to include a disclosure in marketing materials advertising an auto loan or mortgage, that existing loans with a financial institution cannot be refinanced at a new, lower rate?
The bank has received a levy for a taxpayer. The name on the levy is styled as: John Doe DBA Doe's Auto Sales. The tax id number on the levy is an EIN, not John's SSN. We do not have any accounts for the business, but we do for the owner, in his social security number. Does the levy on the business extend to his personal account since it is a DBA?
When advertising a new car loan up to 72 months with 90 days until first payment, does the disclosure need to read 75 months, and does the payment example need to be calculated using 75 months rather than the 72 months?
When advertising an APR discount on a loan product, do you have to specify which loans qualify for the discount? For example: Save .50% APR on Green auto loan rate. Do you need a footnote to define "Green"? Thanks
A two year term CD matures on May 5th and auto renews and then six months down the road the customer wants to withdraw previous accrued interest from the first original CD term before it auto renewed. Is this allowed or is the previous accrued interest now considered part of the new principal as of the May auto renewal date and the only interest that can be touched without penalty is the new quarterly accrued interest?
The savings and loan I work for wants to reward customers who have financed a $25K car loan by placing their names in a drawing to win prizes such as cruises or tickets. Can we do this and if so, what regulations apply?
We want to give customers a certificate for their first tank of gas when they finance a new auto with us. We'll pay up to $70 when they go to a gas station we have already made arrangements with. What reporting is necessary and how does this affect the APR we disclose?