Auto loan document preparation fees barred

July 01, 2013

If you are considering buying a car, there is some good news Monday. Lenders are now barred from charging document preparation fees as part of those loans. Representative Debbie McCune-Davis said the ban came as a result of a lot of complaints.

“Myself and a number of other of those who keep track of what’s going on in the consumer lending community have sent other information over to the department hoping to see these kinds of actions taken,” McCune-Davis said.

McCune-Davis said companies that make auto loans have been moving to Arizona where they locate in areas known to be challenged to be able to repay them.

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