Mosco v. North County Jeep GMC Kia
Mr. Mosco purchased a used vehicle with low miles from North County Jeep GMC Kia. Approximately 9 days later, he was informed that he needed a co-signor and would have to sign a new contract. He was never informed that he had the right to return the vehicle and have all his money refunded rather than sign a new contract. Furthermore, the new contract was backdated to the date of the original contract, thus charging him interest from the date of the old contract rather than the new date. As a result, the Annual Percentage Rate (“APR”) and finance charge disclosures were incorrect. This case was amended to a class action case and eventually ended in a settlement in which all persons with backdated contracts received refunds for the excessive interest paid. The dealership also agreed to stop the practice of backdating its contracts. Mr. Mosco, in addition to a small compensation for acting as class representative, also received a Lemon Law settlement from the manufacturer.