Angry Car Owners Pay Bank President a Visit
URBANDALE, Iowa -- The president of a bank controlling loans for a now defunct car dealership was approached last week by members of Citizens for Community Improvement arguing for better terms on their loans.
URBANDALE, Iowa -- The president of a bank controlling loans for a now defunct car dealership was approached last week by members of Citizens for Community Improvement arguing for better terms on their loans.
Nearly two dozen aggravated car owners walked unannounced into the MetaBank office of Troy Moore, president of the bank’s central Iowa market, the Des Moines Register reported.
Moore agreed to review complaints from the crowd about overcharges and high interest rates for cars purchased from Dan Nelson Automotive. Among the protesters, some interest rates were as high as 24.95 percent.
Nelson Automotive originally financed such loans, but is believed to have sold thousands of them to third-party finance companies, the report said.
The Sioux Falls, S.D.-based Nelson Automotive and its finance arm, South Dakota Acceptance Corp., went bankrupt in June, closing lots in Council Bluffs, Iowa, Des Moines and Sioux City, while owing various banks about $28 million.
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