Key facts
| Measure | Value | Year |
|---|---|---|
| apr disclosure required[1] | Lenders financing a vehicle purchase must disclose the finance charge expressed as an annual percentage rate under the Truth in Lending Act. | 2026 |
| auto loan default repossession note[2] | A lender might have the right to repossess a financed car after default without going to court or telling the borrower first, but it cannot breach the peace when it takes the car. | 2026 |
| auto loan shopping note[3] | The CFPB publishes a consumer tools hub on getting an auto loan, including how to compare financing options before signing. | 2025 |
| card billing dispute window days[4] | 60 | 2026 |
Sources
- Cornell Law School Legal Information Institute. 15 U.S. Code 1638 - Transaction disclosures.
- Federal Trade Commission. Vehicle Repossession.
- Consumer Financial Protection Bureau. Auto loans.
- Cornell Law School Legal Information Institute. 15 U.S. Code 1666 - Correction of billing errors.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.