Chrysler Capital Didn’t Break Usury Laws, Judge Says

Law360, New York (October 3, 2016, 1:17 PM EDT) -- A New York federal judge on Friday tossed a proposed class action lawsuit against the Chrysler automotive finance arm of Santander Consumer USA Inc. over the alleged use of local dealerships to duck usury laws, saying its business is legitimate and does not violate state or federal law. 

U.S. District Judge Edgardo Ramos said Bronx resident Franklyn C. Garcia cannot bring his lawsuit against Chrysler Capital LLC alleging the financier forced low income vehicle buyers into accepting loans with impermissibly high interest rates, because Garcia agreed to the interest rate offered by dealership B&Z Auto Enterprises LLC, and Chrysler Capital did...

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