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Customer can sue car dealer for bait-and-switch lending tactics.

Publication: Trial
Publication Date: 01-JUL-04 		Format: Online - approximately 558 words
Delivery: Immediate Online Access

Article Excerpt
An automobile dealer may be a "creditor" under the Equal Credit Opportunity Act (ECOA), and therefore can be sued for misleading lending practices, the Seventh Circuit has ruled. The statute requires creditors to inform potential borrowers when their loan application has been denied and to explain the reasons. (Treadway v. Gateway Chevrolet Oldsmobile, Inc., 362 F. 3d 971, 975 (7th Cir 2004).)

"In recent years, a growing number of private attorneys are taking the time to sue auto dealers" for their lending...

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