Automotive Finance Corporation Informative - Automotive Finance Corporation (AFC) obtained CA. Lenders License in 2007
INDIANA -- Automotive Finance Corporation (AFC)opened approximately four branches in California in 1999, and immediately started making loans to used car dealerships for vehicle flooring.
AFC did not obtain a California Finance Lenders License until 2007, yet still charged interst at rates greater then California usury laws allow.
AFC disguised the interest on the loans by charging dealers numerous fees, including:
• Flooring Fee
• Curtailment Fee
• Late Fee