A consumer complaint triggered an examination by DBF's South Florida Regional Office in Miami. For those who are unfamiliar with GAP insurance, it applies when a loan amount is greater than an automobile's cash value.
GAP insurance covers the difference.
Trueba Auto Sales Corporation had originated motor vehicle contracts without a license, according to DBF, and the contracts were not in compliance with Florida disclosure law. The company's owner and president, Homero Trueba, has signed an agreement to make the refunds or issue credits to the consumers' accounts where applicable. Anyone who acts as a motor vehicle retail installment seller must obtain a license from DBF prior to doing business. DBF, directed by Comptroller Bob Milligan, licenses and regulates the lending and mortgage industries in Florida.