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KIRKALDY v. CENTRAL CITY TOYOTA

November 28, 1983

JANICE KIRKALDY
v.
CENTRAL CITY TOYOTA, et al.



The opinion of the court was delivered by: GILES

 GILES, J.

 In June, 1982, Janice Kirkaldy purchased a car from Central City Toyota ("Central City") and, after making a down payment, received financing for the balance due from Fidelity Consumer Discount Co. ("Fidelity"). She now seeks monetary damages and rescission of the transactions pursuant to the Truth-in-Lending Act, as amended ("the Act"), 15 U.S.C. § 1601-1693 and Regulation Z ("Reg. Z"), 12 C.F.R. § 226 et seq. (1982). Jurisdiction of this court is invoked pursuant to 28 U.S.C. § 1337 and 15 U.S.C. § 1640(e) and 12 C.F.R. § 226.1(c) (1982). Essentially, plaintiff contends that there was a credit sales transaction with Central City being an arranger of credit and that she was entitled to disclosures in compliance with the Truth-in-Lending Act and Regulation Z. The defendants contend that Central City was not an arranger of credit and that the financing was a consumer transaction. There is no dispute that the contents of the financial disclosure statement from Fidelity suffices if there was a consumer transaction.

 FINDINGS OF FACT

 1. On June 23, 1982, plaintiff purchased a 1980 Pontiac Sunbird from Central City. The purchase price was $6,415.60.

 2. At the time of the purchase, plaintiff stated that she could make a down payment of $1,000.00 and wanted to finance the balance of the purchase price.

 3. Marc Buschel, Central City's salesman, asked plaintiff to provide information about her financial background and credit history. Central City accepted a check in the amount of $1,000.00 from plaintiff on June 23, 1982 and plaintiff took delivery of the car the same day.

 4. Buschel told plaintiff that he would find an institution or agency to finance the balance due to Central City, which included an additional amount advanced for the purchase of requisite automobile insurance.

 5. On or about June 24, 1982, Buschel telephoned Louis Leone, Loan Manager of Fidelity Consumer, provided him with the financial background information obtained from plaintiff and asked him to determine if Fidelity would be willing to make a loan to plaintiff.

 6. On or about June 25, 1982, Leone called Buschel and told him that Fidelity would extend credit to finance plaintiff's purchase. Leone requested Mr. Buschel to call plaintiff, advise her of Fidelity's decision and set up a meeting between plaintiff and Mr. Leone.

 7. Leone did not discuss Fidelity terms of credit with Buschel or anyone else from Central City.

 8. Leone also called plaintiff to confirm the meeting time, place, informed her that making the loan would entail a lien against her real property and requested that she bring to the meeting proof of her ownership of the property. This she did. She brought to the meeting her fire insurance policy.

 9. On June 25, 1982, a meeting took place between plaintiff and Leone at Central in Buschel's office. Buschel introduced plaintiff and Leone and then left. Neither Buschel nor any other representative of ...


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