Amount financed as the Truth-in-Lending Act

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Reference no: EM131153905

Renee Purtle bought a 1986 Chevrolet Blazer from Eldridge Auto Sales, Inc. To finance the purchase through Eldridge, Purtle filled out a credit application on which she misrepresented her employment status. Based on the misrepresentation, Eldridge extended credit. In the credit contract, Eldridge did not disclose the finance charge, the annual percentage rate, or the total sales price or use the term "amount financed" as the Truth-in-Lending Act (TILA) and its regulations require. Purtle defaulted on the loan, and Eldridge repossessed the vehicle. Purtle filed a suit in a federal district court against Eldridge, alleging violations of the TILA. The court awarded Purtle $1,000 in damages, plus attorneys' fees and costs. Eldridge appealed, arguing in part that Purtle was not entitled to damages because she had committed fraud on her credit application. Considering these facts, please answer the following questions. 1) How should the appellate court rule in this case, and why? 2) Should the plaintiff be allowed to sue if the she defaulted on the loan? Why or why not? The subject is legal environment of business.

Reference no: EM131153905

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