Business Services Industry
Fed steps in to clear up confusion in auto leasing. (Federal Reserve Board's implementation of Truth in Lending Act revisions)(Special Section: Wheels '98)
Crain's Cleveland Business, October, 1997 by Suttell, Scott
Seeking to steer automobile leasing in a less-confusing direction, the Federal Reserve Board has implemented revisions to the federal Truth in Lending Act. The changes to Regulation M, the provision governing automobile lease disclosure, are designed to make lease contracts easier to understand and more uniform for comparison purposes.
The Fed worked for three years to craft changes that would be acceptable to automakers, auto dealers, finance companies and consumer groups. The result is a regulation that should take some of the fear out of leasing, said Michael Kranitz, a former Benesch, Friedlander, Coplan & Aronoff attorney who now heads Columbus-based LeaseSource, an online guide (www.leasesource.com) to automotive leasing. "Up until this point, it was hard to...
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