Jumat, 30 Januari 2015

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders



Feds Take Action Against Pair Of Deceptive Auto Title Lenders







Feds Take Action Against Pair Of Deceptive Auto Title Lenders















Feds Take Action Against Pair Of Deceptive Auto Title Lenders














































































































When it comes to short-term, high-interest loans, payday lenders may get most of the headlines, but auto title loans can be just as perilous for borrowers, especially when the lenders use deceptive marketing. This morning, the Federal Trade Commission announced its first ever legal actions involving title loan operations that misled borrowers.
































































The FTC announced Friday that First American Title Lending of Georgia, LLC and Finance Select, Inc. have agreed to settle charges they advertised, both online and in print, 0% interest rates for a 30-day car title loan without disclosing important loan conditions or the increased finance charge imposed after the introductory period ended.
































































While advertised as short-term loans, title loans can become longer-term, high cost installment loans with payments due over several months. The annual percentage rate of a car title loan can be over 300 percent. If a consumer does not repay the loan within 30 days, high finance charges can add up quickly, with a consumer paying hundreds or thousands of dollars in fees or forfeiting the vehicle.
































































According to the FTC complaint [PDF], First American Title Lending, which operates 30 locations in Georgia, advertised a zero percent offer and failed to disclose that the borrower had to meet specific conditions to actually receive that rate.
































































The borrower had to be a new customer, repay the loan within 30 days, and pay with a money order or certified funds, not cash or a personal check. If a borrower failed to meet those conditions, the offer did not apply, and he or she would be required to pay a finance charge from the start of the loan.
































































Additionally, the company’s ads failed to disclose the amount of the finance charge after the introductory period.
































































According to the FTC’s complaint [PDF] against Finance Select, which does business as Fast Cash Title Pawn, the company failed to disclose that unless a loan was paid in full in 30 days, the zero percent offer did not apply, and the borrower would have to pay a finance charge for the initial 30 days of the loan in addition to any finance charges incurred going forward.
































































Fast Cash, which has five locations across Georgia and two in Alabama, also failed to disclose how much the finance charge would cost a borrower after the 30-day introductory period was over.
































































Under the proposed settlement, the two companies are prohibited from failing to disclose all qualifying terms associated with obtaining a loan at its advertised rate; failing to disclose what the finance charge would be after an introductory period ends; and misrepresenting any material terms of any loan agreements.
































































First American Title Lending is also prohibited from stating the amount of any down payment, number of payments or periods of repayment or the amount of any payment or finance charge without clearly and conspicuously stating all the terms required by the Truth in Lending Act and Regulation Z.
































































The FTC reports that the latest action is part of an ongoing effort to protect consumers in the short-term lending and auto marketplaces.
































































In First FTC Cases Against Car Title Lenders, Companies Settle Charges They Deceptively Advertised the Cost of Their Loans [Federal Trade Commission]
































































































































by Ashlee Kieler via Consumerist































































via Blogger http://ift.tt/1tERCrv































January 30, 2015 at 10:25PM































via Blogger http://ift.tt/1JUwHEV















January 30, 2015 at 10:28PM















via Blogger http://ift.tt/1DeLc2e







January 30, 2015 at 10:41PM







via Blogger http://ift.tt/1yUaG5B



January 30, 2015 at 10:45PM



via Blogger http://ift.tt/1A6T9ZK

January 30, 2015 at 10:58PM

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders



Feds Take Action Against Pair Of Deceptive Auto Title Lenders







Feds Take Action Against Pair Of Deceptive Auto Title Lenders















Feds Take Action Against Pair Of Deceptive Auto Title Lenders














































































































When it comes to short-term, high-interest loans, payday lenders may get most of the headlines, but auto title loans can be just as perilous for borrowers, especially when the lenders use deceptive marketing. This morning, the Federal Trade Commission announced its first ever legal actions involving title loan operations that misled borrowers.
































































The FTC announced Friday that First American Title Lending of Georgia, LLC and Finance Select, Inc. have agreed to settle charges they advertised, both online and in print, 0% interest rates for a 30-day car title loan without disclosing important loan conditions or the increased finance charge imposed after the introductory period ended.
































































While advertised as short-term loans, title loans can become longer-term, high cost installment loans with payments due over several months. The annual percentage rate of a car title loan can be over 300 percent. If a consumer does not repay the loan within 30 days, high finance charges can add up quickly, with a consumer paying hundreds or thousands of dollars in fees or forfeiting the vehicle.
































































According to the FTC complaint [PDF], First American Title Lending, which operates 30 locations in Georgia, advertised a zero percent offer and failed to disclose that the borrower had to meet specific conditions to actually receive that rate.
































































The borrower had to be a new customer, repay the loan within 30 days, and pay with a money order or certified funds, not cash or a personal check. If a borrower failed to meet those conditions, the offer did not apply, and he or she would be required to pay a finance charge from the start of the loan.
































































Additionally, the company’s ads failed to disclose the amount of the finance charge after the introductory period.
































































According to the FTC’s complaint [PDF] against Finance Select, which does business as Fast Cash Title Pawn, the company failed to disclose that unless a loan was paid in full in 30 days, the zero percent offer did not apply, and the borrower would have to pay a finance charge for the initial 30 days of the loan in addition to any finance charges incurred going forward.
































































Fast Cash, which has five locations across Georgia and two in Alabama, also failed to disclose how much the finance charge would cost a borrower after the 30-day introductory period was over.
































































Under the proposed settlement, the two companies are prohibited from failing to disclose all qualifying terms associated with obtaining a loan at its advertised rate; failing to disclose what the finance charge would be after an introductory period ends; and misrepresenting any material terms of any loan agreements.
































































First American Title Lending is also prohibited from stating the amount of any down payment, number of payments or periods of repayment or the amount of any payment or finance charge without clearly and conspicuously stating all the terms required by the Truth in Lending Act and Regulation Z.
































































The FTC reports that the latest action is part of an ongoing effort to protect consumers in the short-term lending and auto marketplaces.
































































In First FTC Cases Against Car Title Lenders, Companies Settle Charges They Deceptively Advertised the Cost of Their Loans [Federal Trade Commission]
































































































































by Ashlee Kieler via Consumerist































































via Blogger http://ift.tt/1tERCrv































January 30, 2015 at 10:25PM































via Blogger http://ift.tt/1yL884X















January 30, 2015 at 10:26PM















via Blogger http://ift.tt/1A6OCGU







January 30, 2015 at 10:41PM







via Blogger http://ift.tt/1EU13on



January 30, 2015 at 10:45PM



via Blogger http://ift.tt/1JUEov3

January 30, 2015 at 10:58PM

Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year

Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year

Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year



Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year











Intuit CEO Brad Smith is sorry.







Intuit CEO Brad Smith is sorry.
























Ask, and ye shall receive. Or rather, create a fuss big enough to let a company know people aren’t okay with changes made to a popular product, and force that company to back down and do the right thing. After TurboTax customers heartily voiced their disapproval over Intuit tweaking its software and charging more for features that used to be included in certain versions of the software, Intuit has reversed course, saying it’ll undo the hell it wrought.
















Intuit changed which services come with each tier of desktop software — Basic, Deluxe, Premier, and Home and Business — shifting some forms to more expensive versions. One big bone of contention was that the new version of TurboTax Deluxe no longer included four forms that are an essential part of some customers’ tax returns, forcing them to upgrade to the Premier software to gain access to those forms.
















At first, Intuit tried to make good by offering a $25 rebate to those forced to upgrade, but first they had to finish and e-file their taxes and then apply for the rebate, and it only worked if they filed by April 15.
















That wasn’t good enough, and now Intuit is saying it’s sorry and wants customers to come back into the fold. The company announced yesterday that it will roll back the changes it made to TurboTax software this year, and will cancel those changes for next year as well.
















“These past couple of weeks have not been our finest hour,” Intuit CEO Brad Smith says in a new video posted by the company. In a blog post on LinkedIn accompanying the video, he adds that the company’s initial response and apology were off.
















“Our apology and the way we handled the situation significantly missed the mark. Comments on my post as well as emails, calls and online reviews clearly stated we needed to do more to rectify the situation,” he writes.
















Those customers forced to upgrade to complete their taxes can now upgrade from within the program for free, instead of waiting to complete their taxes and getting that $25 rebate. If you’ve already upgraded, you still have until April 20 to apply for the $25 rebate.
















It will take until early February for necessary program changes to take effect, Smith notes, so if you don’t see the free upgrade right away, be patient.
























Sorry Wasn’t Enough. Here’s What We’re Doing Now. [LinkedIn]
































by Mary Beth Quirk via Consumerist















via Blogger http://ift.tt/1zelR9E







January 30, 2015 at 10:40PM







via Blogger http://ift.tt/1EU10sI



January 30, 2015 at 10:45PM



via Blogger http://ift.tt/1A6T3S0

January 30, 2015 at 10:58PM

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders



Feds Take Action Against Pair Of Deceptive Auto Title Lenders







Feds Take Action Against Pair Of Deceptive Auto Title Lenders















Feds Take Action Against Pair Of Deceptive Auto Title Lenders














































































































When it comes to short-term, high-interest loans, payday lenders may get most of the headlines, but auto title loans can be just as perilous for borrowers, especially when the lenders use deceptive marketing. This morning, the Federal Trade Commission announced its first ever legal actions involving title loan operations that misled borrowers.
































































The FTC announced Friday that First American Title Lending of Georgia, LLC and Finance Select, Inc. have agreed to settle charges they advertised, both online and in print, 0% interest rates for a 30-day car title loan without disclosing important loan conditions or the increased finance charge imposed after the introductory period ended.
































































While advertised as short-term loans, title loans can become longer-term, high cost installment loans with payments due over several months. The annual percentage rate of a car title loan can be over 300 percent. If a consumer does not repay the loan within 30 days, high finance charges can add up quickly, with a consumer paying hundreds or thousands of dollars in fees or forfeiting the vehicle.
































































According to the FTC complaint [PDF], First American Title Lending, which operates 30 locations in Georgia, advertised a zero percent offer and failed to disclose that the borrower had to meet specific conditions to actually receive that rate.
































































The borrower had to be a new customer, repay the loan within 30 days, and pay with a money order or certified funds, not cash or a personal check. If a borrower failed to meet those conditions, the offer did not apply, and he or she would be required to pay a finance charge from the start of the loan.
































































Additionally, the company’s ads failed to disclose the amount of the finance charge after the introductory period.
































































According to the FTC’s complaint [PDF] against Finance Select, which does business as Fast Cash Title Pawn, the company failed to disclose that unless a loan was paid in full in 30 days, the zero percent offer did not apply, and the borrower would have to pay a finance charge for the initial 30 days of the loan in addition to any finance charges incurred going forward.
































































Fast Cash, which has five locations across Georgia and two in Alabama, also failed to disclose how much the finance charge would cost a borrower after the 30-day introductory period was over.
































































Under the proposed settlement, the two companies are prohibited from failing to disclose all qualifying terms associated with obtaining a loan at its advertised rate; failing to disclose what the finance charge would be after an introductory period ends; and misrepresenting any material terms of any loan agreements.
































































First American Title Lending is also prohibited from stating the amount of any down payment, number of payments or periods of repayment or the amount of any payment or finance charge without clearly and conspicuously stating all the terms required by the Truth in Lending Act and Regulation Z.
































































The FTC reports that the latest action is part of an ongoing effort to protect consumers in the short-term lending and auto marketplaces.
































































In First FTC Cases Against Car Title Lenders, Companies Settle Charges They Deceptively Advertised the Cost of Their Loans [Federal Trade Commission]
































































































































by Ashlee Kieler via Consumerist































































via Blogger http://ift.tt/1tERCrv































January 30, 2015 at 10:25PM































via Blogger http://ift.tt/1yL884X















January 30, 2015 at 10:26PM















via Blogger http://ift.tt/1zelQTi







January 30, 2015 at 10:28PM







via Blogger http://ift.tt/1yUaFPa



January 30, 2015 at 10:45PM



via Blogger http://ift.tt/1A6T6NI

January 30, 2015 at 10:58PM

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders



Feds Take Action Against Pair Of Deceptive Auto Title Lenders







Feds Take Action Against Pair Of Deceptive Auto Title Lenders






















































When it comes to short-term, high-interest loans, payday lenders may get most of the headlines, but auto title loans can be just as perilous for borrowers, especially when the lenders use deceptive marketing. This morning, the Federal Trade Commission announced its first ever legal actions involving title loan operations that misled borrowers.
































The FTC announced Friday that First American Title Lending of Georgia, LLC and Finance Select, Inc. have agreed to settle charges they advertised, both online and in print, 0% interest rates for a 30-day car title loan without disclosing important loan conditions or the increased finance charge imposed after the introductory period ended.
































While advertised as short-term loans, title loans can become longer-term, high cost installment loans with payments due over several months. The annual percentage rate of a car title loan can be over 300 percent. If a consumer does not repay the loan within 30 days, high finance charges can add up quickly, with a consumer paying hundreds or thousands of dollars in fees or forfeiting the vehicle.
































According to the FTC complaint [PDF], First American Title Lending, which operates 30 locations in Georgia, advertised a zero percent offer and failed to disclose that the borrower had to meet specific conditions to actually receive that rate.
































The borrower had to be a new customer, repay the loan within 30 days, and pay with a money order or certified funds, not cash or a personal check. If a borrower failed to meet those conditions, the offer did not apply, and he or she would be required to pay a finance charge from the start of the loan.
































Additionally, the company’s ads failed to disclose the amount of the finance charge after the introductory period.
































According to the FTC’s complaint [PDF] against Finance Select, which does business as Fast Cash Title Pawn, the company failed to disclose that unless a loan was paid in full in 30 days, the zero percent offer did not apply, and the borrower would have to pay a finance charge for the initial 30 days of the loan in addition to any finance charges incurred going forward.
































Fast Cash, which has five locations across Georgia and two in Alabama, also failed to disclose how much the finance charge would cost a borrower after the 30-day introductory period was over.
































Under the proposed settlement, the two companies are prohibited from failing to disclose all qualifying terms associated with obtaining a loan at its advertised rate; failing to disclose what the finance charge would be after an introductory period ends; and misrepresenting any material terms of any loan agreements.
































First American Title Lending is also prohibited from stating the amount of any down payment, number of payments or periods of repayment or the amount of any payment or finance charge without clearly and conspicuously stating all the terms required by the Truth in Lending Act and Regulation Z.
































The FTC reports that the latest action is part of an ongoing effort to protect consumers in the short-term lending and auto marketplaces.
































In First FTC Cases Against Car Title Lenders, Companies Settle Charges They Deceptively Advertised the Cost of Their Loans [Federal Trade Commission]
































































by Ashlee Kieler via Consumerist































via Blogger http://ift.tt/1tERCrv















January 30, 2015 at 10:25PM















via Blogger http://ift.tt/1JUwHEV







January 30, 2015 at 10:28PM







via Blogger http://ift.tt/1EU137J



January 30, 2015 at 10:45PM



via Blogger http://ift.tt/1JUEnHp

January 30, 2015 at 10:58PM

Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year

Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year

Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year



Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year







Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year























Intuit CEO Brad Smith is sorry.















Intuit CEO Brad Smith is sorry.
















































Ask, and ye shall receive. Or rather, create a fuss big enough to let a company know people aren’t okay with changes made to a popular product, and force that company to back down and do the right thing. After TurboTax customers heartily voiced their disapproval over Intuit tweaking its software and charging more for features that used to be included in certain versions of the software, Intuit has reversed course, saying it’ll undo the hell it wrought.
































Intuit changed which services come with each tier of desktop software — Basic, Deluxe, Premier, and Home and Business — shifting some forms to more expensive versions. One big bone of contention was that the new version of TurboTax Deluxe no longer included four forms that are an essential part of some customers’ tax returns, forcing them to upgrade to the Premier software to gain access to those forms.
































At first, Intuit tried to make good by offering a $25 rebate to those forced to upgrade, but first they had to finish and e-file their taxes and then apply for the rebate, and it only worked if they filed by April 15.
































That wasn’t good enough, and now Intuit is saying it’s sorry and wants customers to come back into the fold. The company announced yesterday that it will roll back the changes it made to TurboTax software this year, and will cancel those changes for next year as well.
































“These past couple of weeks have not been our finest hour,” Intuit CEO Brad Smith says in a new video posted by the company. In a blog post on LinkedIn accompanying the video, he adds that the company’s initial response and apology were off.
































“Our apology and the way we handled the situation significantly missed the mark. Comments on my post as well as emails, calls and online reviews clearly stated we needed to do more to rectify the situation,” he writes.
































Those customers forced to upgrade to complete their taxes can now upgrade from within the program for free, instead of waiting to complete their taxes and getting that $25 rebate. If you’ve already upgraded, you still have until April 20 to apply for the $25 rebate.
































It will take until early February for necessary program changes to take effect, Smith notes, so if you don’t see the free upgrade right away, be patient.
















































Sorry Wasn’t Enough. Here’s What We’re Doing Now. [LinkedIn]
































































by Mary Beth Quirk via Consumerist































via Blogger http://ift.tt/1zelR9E















January 30, 2015 at 10:40PM















via Blogger http://ift.tt/1A6OEOX







January 30, 2015 at 10:41PM







via Blogger http://ift.tt/1yUaHXh



January 30, 2015 at 10:45PM



via Blogger http://ift.tt/1JUEsux

January 30, 2015 at 10:58PM

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders



Feds Take Action Against Pair Of Deceptive Auto Title Lenders







Feds Take Action Against Pair Of Deceptive Auto Title Lenders















Feds Take Action Against Pair Of Deceptive Auto Title Lenders































Feds Take Action Against Pair Of Deceptive Auto Title Lenders






























































































































































































































When it comes to short-term, high-interest loans, payday lenders may get most of the headlines, but auto title loans can be just as perilous for borrowers, especially when the lenders use deceptive marketing. This morning, the Federal Trade Commission announced its first ever legal actions involving title loan operations that misled borrowers.
































































































































The FTC announced Friday that First American Title Lending of Georgia, LLC and Finance Select, Inc. have agreed to settle charges they advertised, both online and in print, 0% interest rates for a 30-day car title loan without disclosing important loan conditions or the increased finance charge imposed after the introductory period ended.
































































































































While advertised as short-term loans, title loans can become longer-term, high cost installment loans with payments due over several months. The annual percentage rate of a car title loan can be over 300 percent. If a consumer does not repay the loan within 30 days, high finance charges can add up quickly, with a consumer paying hundreds or thousands of dollars in fees or forfeiting the vehicle.
































































































































According to the FTC complaint [PDF], First American Title Lending, which operates 30 locations in Georgia, advertised a zero percent offer and failed to disclose that the borrower had to meet specific conditions to actually receive that rate.
































































































































The borrower had to be a new customer, repay the loan within 30 days, and pay with a money order or certified funds, not cash or a personal check. If a borrower failed to meet those conditions, the offer did not apply, and he or she would be required to pay a finance charge from the start of the loan.
































































































































Additionally, the company’s ads failed to disclose the amount of the finance charge after the introductory period.
































































































































According to the FTC’s complaint [PDF] against Finance Select, which does business as Fast Cash Title Pawn, the company failed to disclose that unless a loan was paid in full in 30 days, the zero percent offer did not apply, and the borrower would have to pay a finance charge for the initial 30 days of the loan in addition to any finance charges incurred going forward.
































































































































Fast Cash, which has five locations across Georgia and two in Alabama, also failed to disclose how much the finance charge would cost a borrower after the 30-day introductory period was over.
































































































































Under the proposed settlement, the two companies are prohibited from failing to disclose all qualifying terms associated with obtaining a loan at its advertised rate; failing to disclose what the finance charge would be after an introductory period ends; and misrepresenting any material terms of any loan agreements.
































































































































First American Title Lending is also prohibited from stating the amount of any down payment, number of payments or periods of repayment or the amount of any payment or finance charge without clearly and conspicuously stating all the terms required by the Truth in Lending Act and Regulation Z.
































































































































The FTC reports that the latest action is part of an ongoing effort to protect consumers in the short-term lending and auto marketplaces.
































































































































In First FTC Cases Against Car Title Lenders, Companies Settle Charges They Deceptively Advertised the Cost of Their Loans [Federal Trade Commission]
































































































































































































































































by Ashlee Kieler via Consumerist































































































































via Blogger http://ift.tt/1tERCrv































































January 30, 2015 at 10:25PM































































via Blogger http://ift.tt/1yL884X































January 30, 2015 at 10:26PM































via Blogger http://ift.tt/1zelQTi















January 30, 2015 at 10:28PM















via Blogger http://ift.tt/1A6OEyz







January 30, 2015 at 10:41PM







via Blogger http://ift.tt/1yUaHGP



January 30, 2015 at 10:45PM



via Blogger http://ift.tt/1A6Tagd

January 30, 2015 at 10:58PM

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders



Feds Take Action Against Pair Of Deceptive Auto Title Lenders







Feds Take Action Against Pair Of Deceptive Auto Title Lenders















Feds Take Action Against Pair Of Deceptive Auto Title Lenders














































































































When it comes to short-term, high-interest loans, payday lenders may get most of the headlines, but auto title loans can be just as perilous for borrowers, especially when the lenders use deceptive marketing. This morning, the Federal Trade Commission announced its first ever legal actions involving title loan operations that misled borrowers.
































































The FTC announced Friday that First American Title Lending of Georgia, LLC and Finance Select, Inc. have agreed to settle charges they advertised, both online and in print, 0% interest rates for a 30-day car title loan without disclosing important loan conditions or the increased finance charge imposed after the introductory period ended.
































































While advertised as short-term loans, title loans can become longer-term, high cost installment loans with payments due over several months. The annual percentage rate of a car title loan can be over 300 percent. If a consumer does not repay the loan within 30 days, high finance charges can add up quickly, with a consumer paying hundreds or thousands of dollars in fees or forfeiting the vehicle.
































































According to the FTC complaint [PDF], First American Title Lending, which operates 30 locations in Georgia, advertised a zero percent offer and failed to disclose that the borrower had to meet specific conditions to actually receive that rate.
































































The borrower had to be a new customer, repay the loan within 30 days, and pay with a money order or certified funds, not cash or a personal check. If a borrower failed to meet those conditions, the offer did not apply, and he or she would be required to pay a finance charge from the start of the loan.
































































Additionally, the company’s ads failed to disclose the amount of the finance charge after the introductory period.
































































According to the FTC’s complaint [PDF] against Finance Select, which does business as Fast Cash Title Pawn, the company failed to disclose that unless a loan was paid in full in 30 days, the zero percent offer did not apply, and the borrower would have to pay a finance charge for the initial 30 days of the loan in addition to any finance charges incurred going forward.
































































Fast Cash, which has five locations across Georgia and two in Alabama, also failed to disclose how much the finance charge would cost a borrower after the 30-day introductory period was over.
































































Under the proposed settlement, the two companies are prohibited from failing to disclose all qualifying terms associated with obtaining a loan at its advertised rate; failing to disclose what the finance charge would be after an introductory period ends; and misrepresenting any material terms of any loan agreements.
































































First American Title Lending is also prohibited from stating the amount of any down payment, number of payments or periods of repayment or the amount of any payment or finance charge without clearly and conspicuously stating all the terms required by the Truth in Lending Act and Regulation Z.
































































The FTC reports that the latest action is part of an ongoing effort to protect consumers in the short-term lending and auto marketplaces.
































































In First FTC Cases Against Car Title Lenders, Companies Settle Charges They Deceptively Advertised the Cost of Their Loans [Federal Trade Commission]
































































































































by Ashlee Kieler via Consumerist































































via Blogger http://ift.tt/1tERCrv































January 30, 2015 at 10:25PM































via Blogger http://ift.tt/1JUwHEV















January 30, 2015 at 10:28PM















via Blogger http://ift.tt/1DeLc2e







January 30, 2015 at 10:41PM







via Blogger http://ift.tt/1yUaG5B



January 30, 2015 at 10:45PM



via Blogger http://ift.tt/1A6T9ZK

January 30, 2015 at 10:58PM

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders

Feds Take Action Against Pair Of Deceptive Auto Title Lenders



Feds Take Action Against Pair Of Deceptive Auto Title Lenders







Feds Take Action Against Pair Of Deceptive Auto Title Lenders















Feds Take Action Against Pair Of Deceptive Auto Title Lenders














































































































When it comes to short-term, high-interest loans, payday lenders may get most of the headlines, but auto title loans can be just as perilous for borrowers, especially when the lenders use deceptive marketing. This morning, the Federal Trade Commission announced its first ever legal actions involving title loan operations that misled borrowers.
































































The FTC announced Friday that First American Title Lending of Georgia, LLC and Finance Select, Inc. have agreed to settle charges they advertised, both online and in print, 0% interest rates for a 30-day car title loan without disclosing important loan conditions or the increased finance charge imposed after the introductory period ended.
































































While advertised as short-term loans, title loans can become longer-term, high cost installment loans with payments due over several months. The annual percentage rate of a car title loan can be over 300 percent. If a consumer does not repay the loan within 30 days, high finance charges can add up quickly, with a consumer paying hundreds or thousands of dollars in fees or forfeiting the vehicle.
































































According to the FTC complaint [PDF], First American Title Lending, which operates 30 locations in Georgia, advertised a zero percent offer and failed to disclose that the borrower had to meet specific conditions to actually receive that rate.
































































The borrower had to be a new customer, repay the loan within 30 days, and pay with a money order or certified funds, not cash or a personal check. If a borrower failed to meet those conditions, the offer did not apply, and he or she would be required to pay a finance charge from the start of the loan.
































































Additionally, the company’s ads failed to disclose the amount of the finance charge after the introductory period.
































































According to the FTC’s complaint [PDF] against Finance Select, which does business as Fast Cash Title Pawn, the company failed to disclose that unless a loan was paid in full in 30 days, the zero percent offer did not apply, and the borrower would have to pay a finance charge for the initial 30 days of the loan in addition to any finance charges incurred going forward.
































































Fast Cash, which has five locations across Georgia and two in Alabama, also failed to disclose how much the finance charge would cost a borrower after the 30-day introductory period was over.
































































Under the proposed settlement, the two companies are prohibited from failing to disclose all qualifying terms associated with obtaining a loan at its advertised rate; failing to disclose what the finance charge would be after an introductory period ends; and misrepresenting any material terms of any loan agreements.
































































First American Title Lending is also prohibited from stating the amount of any down payment, number of payments or periods of repayment or the amount of any payment or finance charge without clearly and conspicuously stating all the terms required by the Truth in Lending Act and Regulation Z.
































































The FTC reports that the latest action is part of an ongoing effort to protect consumers in the short-term lending and auto marketplaces.
































































In First FTC Cases Against Car Title Lenders, Companies Settle Charges They Deceptively Advertised the Cost of Their Loans [Federal Trade Commission]
































































































































by Ashlee Kieler via Consumerist































































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January 30, 2015 at 10:58PM

Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year

Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year

Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year



Intuit Caves To Pressure: Offers Free TurboTax Upgrades, Will Undo Changes To Software For Next Year











Intuit CEO Brad Smith is sorry.







Intuit CEO Brad Smith is sorry.
























Ask, and ye shall receive. Or rather, create a fuss big enough to let a company know people aren’t okay with changes made to a popular product, and force that company to back down and do the right thing. After TurboTax customers heartily voiced their disapproval over Intuit tweaking its software and charging more for features that used to be included in certain versions of the software, Intuit has reversed course, saying it’ll undo the hell it wrought.
















Intuit changed which services come with each tier of desktop software — Basic, Deluxe, Premier, and Home and Business — shifting some forms to more expensive versions. One big bone of contention was that the new version of TurboTax Deluxe no longer included four forms that are an essential part of some customers’ tax returns, forcing them to upgrade to the Premier software to gain access to those forms.
















At first, Intuit tried to make good by offering a $25 rebate to those forced to upgrade, but first they had to finish and e-file their taxes and then apply for the rebate, and it only worked if they filed by April 15.
















That wasn’t good enough, and now Intuit is saying it’s sorry and wants customers to come back into the fold. The company announced yesterday that it will roll back the changes it made to TurboTax software this year, and will cancel those changes for next year as well.
















“These past couple of weeks have not been our finest hour,” Intuit CEO Brad Smith says in a new video posted by the company. In a blog post on LinkedIn accompanying the video, he adds that the company’s initial response and apology were off.
















“Our apology and the way we handled the situation significantly missed the mark. Comments on my post as well as emails, calls and online reviews clearly stated we needed to do more to rectify the situation,” he writes.
















Those customers forced to upgrade to complete their taxes can now upgrade from within the program for free, instead of waiting to complete their taxes and getting that $25 rebate. If you’ve already upgraded, you still have until April 20 to apply for the $25 rebate.
















It will take until early February for necessary program changes to take effect, Smith notes, so if you don’t see the free upgrade right away, be patient.
























Sorry Wasn’t Enough. Here’s What We’re Doing Now. [LinkedIn]
































by Mary Beth Quirk via Consumerist















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January 30, 2015 at 10:40PM







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January 30, 2015 at 10:45PM



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January 30, 2015 at 10:58PM