FI showroom red and grey logo
MenuMENU
SearchSEARCH

Iowa Dealer Gets Hand Slapped by Attorney General

Failure to disclose consumer protection related to loan defaults and repossessions gets used-car dealer in trouble with Iowa Attorney General’s Office.

by Staff
September 11, 2012
2 min to read


OTTUMWA, Iowa — A local used-car dealer was reprimanded by Iowa Attorney General Tom Miller for illegally repossessing vehicles. Goldy's Auto of Ottumwa acknowledged in an agreement with Miller's office that the dealer did not always make clear consumer protection laws regarding loan defaults and repossessions.   Under the agreement, Goldy’s, and owner Greg Goldizen, have agreed that in cases over the past two years where the dealer repossessed a vehicle without providing proper right to cure notices, the dealership will forgive any outstanding balance and will refund amounts consumers paid the dealer after it repossessed the vehicles.   In the agreement with the Consumer Protection Division, called an Assurance of Discontinuance, Miller alleged that Goldy’s Auto illegally attempted to have customers waive their rights surrounding repossessions. Under Iowa law, a consumer cannot agree to give up those rights or any rights under the Iowa Consumer Credit Code.   Often called a “right to cure” or cure of default, the law requires that creditors inform consumers the first time they default on a credit transaction in a one-year period. Creditors must also provide consumers a notice informing them of their rights, including the right to correct the alleged default. The notice must describe the default, the steps the consumer must take to resolve it, and that the creditor must allow consumers 20 days to correct the default before the vehicle is repossessed.   In addition to convincing customers to waive their rights, Miller alleged that Goldy’s failed to provide consumers with proper right to cure notices. “Repossessing vehicles without providing a proper Notice of Right to Cure is a serious violation,” according to the agreement. “All repossessions made without providing a proper Notice of Right to Cure are illegal repossessions.” Miller also alleged that Goldy’s failed to file a required consumer creditor notification with the state. Goldy’s has since filed that notification and paid all required fees, including late fees.

More F&I

Laptop computer, tablet, calculator and notebook on a desk
F&Iby John TabarAugust 20, 2026

Just Do It

F&I managers need training, but instead of resisting application or expecting perfection, they should improve by simply acting on what they learn.

Read More →
stacks of coins, a calculator, paperwork, and a pair of glasses in the background, text Lender Experience Drives Dealer Decisions, F&I and Showroom
Auto Financeby Lauren LawrenceAugust 12, 2026

Dealer Lender Preferences Revealed

When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.

Read More →
Leading with Purpose thumbnail. Trent white pictured in front of titled graphic.
F&IAugust 5, 2026

Leading with Purpose

In this video, Trent White explains how understanding your people’s 'why' is a key leadership responsibility of F&I professionals and how that mindset drives dealership engagement, trust and performance.

Read More →
Ad Loading...
Photo of a keyring with mltiple keys, including a car key fob, on a white surface
F&IJuly 15, 2026

Integrating Nontraditional F&I Products

The niche presents a strategic advantage for auto dealerships as they move to adapt to fast-changing consumer expectations in today’s market.

Read More →
Photo of businessman's hands holding eyeglasses at a desk
F&Iby Rick McCormickJuly 7, 2026

Trust Is Personal

Technology, no matter how efficient, can’t replace what the human F&I manager can do, which is to bridge the divide between cyberspace and the in-store experience.

Read More →
Photo of executive in a sports coat and glasses
Industryby StaffJuly 2, 2026

Amplify 2026 Billed as Turning Innovation Into Results

Reynolds and Reynolds says its annual retail summit will connect dealers with practical strategies, peer insight, and technology-driven ideas.

Read More →
Ad Loading...
Woman standing on stage smiling.
F&Iby Lauren LawrenceJuly 1, 2026

Own Your Outcome: F&I in the Digital Customer Journey

Finance has historically been the last step in the car-buying process, but it doesn’t have to be. The customer’s journey starts long before they arrive at the dealership, and so should F&I’s involvement.

Read More →
$100 bill and magnifying glass on top of paper that says insurance policy terms and conditions.
F&Iby Lauren LawrenceJune 29, 2026

Tariffs Could Raise Insurance Premiums

As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.

Read More →
Red toy car sitting on top of coins.
Auto Financeby Lauren LawrenceJune 24, 2026

Smaller Loans, Longer Terms

The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.

Read More →
Ad Loading...
Under the hood of a Toyota Prius EV Hybrid car.
F&Iby StaffJune 15, 2026

New Lifetime Battery F&I Product Meant to Drive Dealer Traffic

EFG Cos. offering is intended to create lifetime auto dealer engagement with customers.

Read More →