Customers of Bankrupt Iowa Dealership Get Better Loans
Some customers who financed vehicles at the now-bankrupt Dan Nelson Automotive Group in Iowa will get better terms on their remaining loan balances, reported The Des Moines Register.
Some customers who financed vehicles at the now-bankrupt Dan Nelson Automotive Group in Iowa will get better terms on their remaining loan balances, reported The Des Moines Register.
Iowa Attorney General Tom Miller said Tidewater Finance and Consumer Portfolio Services will lower interest rates to 17.95 percent from 24.95 percent, on loans made to consumers who bought vehicles from Nelson lots in Council Bluffs, Des Moines and Sioux City. All loans will be deemed current, even if payments have not been made, and Tidewater will forgive the last $500 of principal amount owed at the end of each loan; Consumer Portfolio will forgive $1,000.
The announcement brings to 3,150 the number of loans that have been redrawn as a result of negotiations between the attorney general's office and various companies that loaned money to Dan Nelson customers, or who bought loans generated by Dan Nelson's finance arm, according to The Des Moines Register.
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