Was the storage fee a finance charge

Assignment Help Management Theories

Reference no: EM131471910

Question: Ray Vickers owned an automobile pawn business. When a person pawned a car, Vickers issued a standard pawn ticket and required the customer to leave the pawned vehicle at his business. Vickers required each customer to pay a "storage fee" while he kept the vehicle.

Wilfred Yazzie pawned his car at Vickers, and Vickers charged him a $30 "storage fee." Yazzie later filed suit alleging the "storage fee" was a finance charge under the Truth in Lending Act and therefore Vickers understated the annual percentage rate and the finance charge. Was the "storage fee" a finance charge?

Reference no: EM131471910

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