Customers of Bankrupt Dealership Get New Loan Terms
Some Iowa consumers who financed vehicles through the now-defunct Dan Nelson Automotive Group will receive lower interest rates and warranty extensions due to a deal reached between the Iowa attorney general and the lead lender to the dealership.
Some Iowa consumers who financed vehicles through the now-defunct Dan Nelson Automotive Group will receive lower interest rates and warranty extensions due to a deal reached between the Iowa attorney general and the lead lender to the dealership.
Meta Financial Group Inc. will also forgive the last $500 from purchase contracts of certain customers, reported the Des Moines Register. The lender led a group of banks that loaned about $28 million to Nelson Automotive. Meta took control of the dealership in July and is working to minimize confusion with customers who stopped paying their loans when the bankruptcy was announced.
The deal between the state of Iowa and Meta covers consumers who bought cars using South Dakota Acceptance Corp., also known as Car Now Acceptance Co. or CNAC, to finance the purchase. It does not extend to loans that CNAC would have sold to third-party financing companies, according to the Des Moines Register.
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