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44 Brandeis L.J. 931 (2005-2006)
Dealers Take Notice: The Responsibilities of Automobile Dealerships under Regulation B of the Equal Credit Opportunity Act

handle is hein.journals/branlaj44 and id is 939 raw text is: DEALERS TAKE NOTICE: THE RESPONSIBILITIES OF AUTOMOBILE DEALERSHIPS UNDER REGULATION B OF THE EQUAL CREDIT OPPORTUNITY ACT Andrea Lay* I. INTRODUCTION Imagine that you have received a brightly colored letter in the mail stating that you are pre-approved for an automobile loan at your local automobile dealership. You have been thinking about buying a car for the last few months and you decide that this is the perfect opportunity. You find someone to watch the children for the afternoon and have a friend drive you to the dealership. After spending several hours test-driving cars you finally find one that meets your needs and your budget. You go to the salesman's office for a lengthy discussion concerning cost and financing. After you reach an acceptable agreement and complete a tall stack of paperwork, the salesman leaves the room. You wait excitedly while thinking of all the places you will go in your beautiful new car. Unbeknownst to you the salesman pulled your credit report and decided that, because of the report's content, it would be useless to forward your credit application to any third party lenders. A few minutes later the salesman returns to the office, apologizes, and tells you that you do not qualify for credit and you will not be able to purchase the car unless you can find a qualified person to co-sign with you. You leave the office broken-hearted. You have just moved to the area and you do not know anyone who would be willing to co-sign on an automobile loan for you. You never hear from the dealership again. You are especially upset because you do not know what went wrong. You knew your credit was not perfect, but you thought it was adequate to purchase a car within a certain price range, particularly since the dealership's mailer suggested that you were pre-approved for a loan. You are left with many nagging questions about the credit decision. Was there a problem that you could fix? Who made the decision to turn down your * J.D., Louis D. Brandeis School of Law at the University of Louisville.

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