Consumer finance generally encompasses the institutional or private financing of any consumer for purchasing and leasing purposes, including alternative financial services such as subprime lending and marginal credit lending.

The consumer finance industry has come under the spotlight in the wake of the recent banking and finance crisis, where subprime lending, balloon rates, the LIBOR scandal, and adjustable rate lending contracts caused a national financial calamity with rippling effects through the global financial system. The investigation that followed the financial crisis unveiled numerous controversial lending practices of the major financial institutions, including misrepresentation of borrower credit in order to execute a loan contract at a subprime or balloon rate; imposition of extraneous fees on refinancing, ATM withdrawals, and curtailment payments; refinance arrangements at misrepresentative balloon rates; sale or imposition of premium credit insurance or force-placed hazard insurance; and mail exchange of live checks. The financial services industry now faces unprecedented scrutiny in a pro-consumer atmosphere.

Bernhard Law Firm investigates, files, litigates, and appeals suits against banks, mortgage lenders, auto finance companies, payday lenders, and other consumer finance companies. We litigate trials and appeals in consumer finance disputes involving the Truth in Lending Act, Real Estate Settlement Procedures Act, Equal Credit Opportunity Act, contested foreclosures, predatory lending, consumer fraud, force-placed insurance, usury violations, loan origination, loan servicing, and unfair deceptive trade practices claims. We have handled the gamut of financial services products, including retail installment financing contracts, mortgage lending contracts, credit card products, and personal property financing. If you or an acquaintance has suffered questionable lending or servicing practices on any level, contact the Bernhard Law Firm for an immediate consultation.