Dustin Alonzo Discusses New Lease Financing Disclosure Requirements for Automotive Commercial Fleet Lessors
Hinshaw partner Dustin Alonzo discussed with Auto Finance News new disclosure requirements and regulations for commercial fleet lessors imposed by a recently enacted California law. The law requires a series of disclosures for lease financing, including annual percentage rate, total amount financed, itemized finance charges, and prepayment terms.
Alonzo noted that the new California disclosure requirements could prove costly for financiers to comply with, should they require hiring legal counsel or third-party vendors.
In addition to lessors’ lease financing, lenders who provide a commercial loan to a company looking to purchase vehicles for use cases such as delivery, for example, would be subject to the disclosure requirements if the loan falls within the law’s parameters and the business receiving the financing is managed in California, Alonzo added.
"Commercial fleet lessors face new disclosure requirements" was published by Auto Finance News on December 13, 2022.
Alonzo, Stephen Strohschein, and Dana Briganti recently spoke on these topics in an episode of the ongoing Automotive Finance Virtual Series.