It's the largest case ever brought for abusive or predatory lending practices by the FTC and could result in hundreds of millions of dollars in refunds to borrowers. For years, consumer activists have labeled Associates as the worst predatory lender in the country and have sought federal action against it. That number represents the earnings from single-premium credit life insurance policies Associates reported in its annual reports from 1995 to 1999.
Consumer activists regard it as a despicable practice.
The FTC charges that the insurance the Associates forced customers to buy added hundreds and even thousands of dollars to the cost of the loan while providing substandard protection. Consumer groups cheered the FTC's action. Before you do, check its title and odometer history with Carfax . Com is provided by ConsumerAffairs. Com is an independent service not affiliated with any government agency.