S. L. Savidge, Inc
Volume 79 · 79 F.T.C. 292
credit lendingdeceptive advertising
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S. L. Savidge, Inc, 79 F.T.C. 292 (1971). Consumer Law Library, https://consumerlawlibrary.org/decisions/v079-0060
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In TUE Marrrer Or S. L. SAVIDGE, INC.
CONSENT ORDER, ETC., IN REGARD TO TIIE ALLEGED VIOLATION OF THE : FEDERAL TRADE COMMISSION AND TILE TRUTH IN LENDING ACTS Docket C-2018. Complaint, Aug. 24, 1971—Decision, Aug. 24, 1971 Consent order requiring a Seattle, Wash., corporation engaged in selling new and used automobiles to cease violating the Truth in Lending Act by failing to include in the finance charge the premiums for eredit life insurance, failing to disclose the accurate annual percentage rate, and making other representations in violation of Regulation Z of said Act. Respondent is also forbidden to misrepresent that its credit terms are “easy” or that a buyer will be allowed to select his own credit terms. 292 — FEDERAL TRADE COMMISSION DECISIONS Decision and Order; 79 FLTC, obligation or failing to provide a statement of the amount or method of computation of any charge that may be deducted from the amount of any rebate of such unearned finance charge that will be credited to the obligation or refunded to the customer, as required by Section 226.8(b) (7) of Regulation Z. 13. Failing, in any consumer credit transaction or advertisement, to make all disclosures, determined in accordance with Section 296.4 and Section 226.5 of Regulation Z, in the manner, form, and amount required by Sections 226.6, 226.7, 226.8, Section 296.9 and Section 226.10 of Regulation Z. It is further orderéd, That respondents shall deliver a copy of this order to cease and desist to all present and future salesmen or other persons engaged in the offering for sale and sale of respondents’ products or services, and shall secure from each salesman or other person a signed statement acknowledging receipt of said order. It is further ordered, That respondents notify the Commission at least thirty (30) days prior to any proposed change in respondents’ business, such as assignment or sale resulting in the emergence of a.successor business, corporate or otherwise, the creation of subsidiaries, or any other change which may affect compliance obligations arising out of the order. ;
It is further ordered, That the respondents herein shall, within sixty (60) days after service upon them of this order, file with the Commission a report, in writing, setting forth in detail the manner and form in which they have complied with this order.