The Expert Podcast

This is one of the ways that the federal government can assist you with a vehicle loan that may be excessive. It may be um too high, may have been a fraudulent loan. The Federal Trade Commission does what's called CIDs. A CID is a civil investigative demand. It's kind of like a subpoena to a business to see if they have broken the rules and done something that uh has harmed a consumer. And they use this to gather information to prove their case to see if a consumer was um mistreated, was defrauded, or had some other violation of the FTC rules.

According to the bulletin from the FTC, it's from section 20 of the FTC act that gives the commission authority to issue to investigate potentially unfair or deceptive acts or practices. So if you purchase a vehicle and you got a loan through some unfair or deceptive act, the FTC may issue a CD to the dealership, the lender, or anybody involved with that to see if they should be a target of an investigation.

The commission sends CIDs to people and businesses that may have information related to the subject. So, it doesn't have to go to the subject of the investigation. It could be somebody that maybe has information, maybe an accountant, maybe an advertising um agency. The response is mandatory. They're legally enforceable demands. So, anybody that gets one has to reply to it. They can't just ignore it. They can't just partially reply to it.

So, the FTC tells you this is from their official website. Uh that they mean business. They're not playing around with these investigations. They normally won't send one unless they have some reasonable expectation that they're going to find that a consumer was harmed. So, if you have a car loan that was placed unfairly or with deceptive practices to get you to sign for a higher rate, to get you to sign for too much money, maybe to inflate the cost, this is an area where the FTC may assist with on the government side with a private sector investigation or private sector negotiation with that lien holder.

Thank you for watching another episode of Actual Human Advisory on Describe TV. Remember, we have live one-on-one consultation appointments available at actualhum.com where you can book a one-on-one undivided attention live call with a licensed investigator, a licensed insurance broker, a licensed mortgage broker, real estate broker. Uh I'm also a certified real estate title examiner, a certified civil court mediator along with having developed and started over 15 businesses, several of which were sold for millions of dollars. So if you do have questions in any of those categories, you can arrange a one-on-one live video consultation. Use the link below.