Skip to content


A New Hampshire car dealership will pay $1.25 million after settling with the state over allegations it lured shoppers into buying vehicles they couldn’t afford. The New Hampshire Attorney General’s Office announced that the serious financial penalty imposed on Dan O’Brien Kia in Concord. is the best way to prevent such behavior in the future. “I think this is a satisfactory outcome for the office,” said Attorney General John Formella. “That’s pretty rude behavior.” Formella said his office has received numerous complaints accusing Dan O’Brien Kia of being deceptive when trying to make deals with customers. For example, when customers said that the terms of the loan were beyond their control. price range, the dealership offered a program that promised to refinance after six months at a more affordable rate. But Formella said the program is a sham, forcing customers to pay off a loan they can’t afford. “The program was a big problem because it was so deceptive to consumers,” Formella said. “And the last thing we want is for a consumer who’s trying to do the right thing for their finances to be tricked into a loan they can’t afford. It ultimately puts the consumer in a very difficult financial position, and that too. The attorney general’s office said the dealership also inflated potential borrowers’ incomes on applications, and investigators allegedly found a fraudulent loan document in which the dealership submitted documents without the customer’s approval. In addition to paying $1.25 million. Dan O’Brien Kia is to hire an independent compliance monitor to review and report on its business practices within five years. The agency must also have audio and video recordings of financial discussions with clients for the next five years.” The whole point of the recording is so we can monitor the behavior of the dealership and make sure they are both in compliance. the terms of the consent judgment, but also not to repeat the conduct for which we investigated and ultimately took the action that you see today,” Formella said. An attorney for the dealership’s parent company, DMO Auto Acquisitions, said in a statement of the settlement. involves an admission of no wrongdoing.” DMO Auto Acquisitions has addressed all of the issues raised by the NH Attorney General’s Office,” the statement said. “We are pleased that this matter has been resolved so that it can focus on serving its customers. The settlement admits that there was no wrongdoing. The DMO has implemented best practices and welcomes the NH Attorney General’s monitoring process in the recording industry. deals, something he has done for years. DMO’s focus remains on its customers and providing them with the best possible service.” The dealership will also pay restitution to two consumers who were victims of deceptive sales practices, Formella said.

A New Hampshire car dealership will pay $1.25 million after settling with the state over allegations that it lured buyers into buying vehicles they couldn’t afford.

The New Hampshire Attorney General’s Office said the serious financial penalty imposed on Dan O’Brien Kea in Concord is the best way to deter such behavior in the future.

“I think this is a satisfactory result for the office,” said Attorney General John Formella. “That’s pretty rude behavior.”

Formella said his office has received numerous complaints accusing Dan O’Brien Kia of being deceptive when trying to make deals with customers.

In one example, when customers said the loan terms were out of their price range, the dealership offered a program that promised refinancing in six months at a more affordable rate. But Formella said the program is bogus, forcing customers to pay off a loan they can’t afford.

“The program was a big problem because it was very deceptive to consumers,” Formella said. “And the last thing we want is for a consumer who’s trying to do the right thing for their finances to be tricked into a loan they can’t afford. It ultimately puts the consumer in a very difficult financial position, and that too. affects their long-term credit.”

The attorney general’s office said the dealership also inflated potential borrowers’ incomes on applications, and investigators allegedly found a fraudulent loan document in which the dealership submitted documents without customer approval.

In addition to paying $1.25 million, Dan O’Brien Kia must hire an independent compliance monitor to review and report on its business practices within five years. The dealership must also have audio and video recordings of all financial discussions with customers for the next five years.

“The whole purpose of the recording is so that we can monitor the behavior of the dealership and make sure that they are both complying with the terms of the consent judgment, but also that they are not repeating the behavior that we investigated and ultimately took action against.” , which you have done. see here today,” said Formella.

An attorney for the dealership’s parent company, DMO Auto Acquisitions, said in a statement that the settlement does not include an admission of wrongdoing.

“DMO Auto Acquisitions has addressed all of the issues raised by the NH Attorney General’s Office,” the statement said. “We are pleased that this matter has been resolved so that it can focus on serving its customers. The settlement admits that there was no wrongdoing. The DMO has implemented best practices and welcomes the NH Attorney General’s monitoring process in the recording industry. deals, something he has done for years. DMO’s focus remains on its customers and providing them with the best possible service.”

The dealership will also pay restitution to two consumers who were victims of deceptive sales practices, Formella said.

.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *