A bank that’s handling many of the loans from an auto dealer that went bankrupt after being sued by the Attorney General has come up with a plan to improve the terms of the loans. A-G spokesman Bob Brammer says MetaBank is trying to ease the load on those who bought cars from Dan Nelson dealerships in Des Moines, Council Bluffs and Sioux City. He says they’re lowering the interest from about 25-percent to around 18-percent. He says they’ll also cut 500 dollars off the amount owed on the vehicles and will provide car owners with warranty coverage. Brammer says MetaBank was part of a group of banks who had financed the Dan Nelson dealerships and the banks are now attempting to take control of the auto loans. He says the new terms should help the car owners. He says the A-G’s lawsuit alleged Dan Nelson targeted vulnerable consumers with the promise of helping them, but he says in reality the dealership made the situation worse off. Brammer says the new agreement isn’t quite a done deal just yet. He says it still has to be approved by a South Dakota bankruptcy court, and Brammer says there’s a good chance that will happen. Brammer says there are several ways to find out more about the loan program. He says you can call the consumer protection division of the A-G’s office at 888-777-4590, or you can surf to www.iowaattorneygeneral.org. Brammer says the new loan terms could impact some 14-hundred people, although he says it won’t cover everyone who bought a car from the company.
You are here: Home / Crime / Courts / Bank comes up with new loan terms for Dan Nelson customers