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June 16, 2017

FTC issuing refunds to victims of Florida auto relief scam

The Federal Trade Commission has begun mailing refund checks to consumers affected by an auto loan relief scam by Regency Financial Services, a Florida company that agreed to a $330,000 judgment in 2015 for violating the FTC Act and the Telemarketing Sales Rule.

The FTC announced June 15 that it was mailing 288 checks totaling more than $109,000 to consumers who paid an up-front fee to Regency Financial Services to receive better terms on their auto loans. According to the FTC, the company and its CEO, Ivan Levy, did not provide the promised services and failed to honor its money-back guarantee.

The company promised consumers services to stop the repossession of their vehicles, and to obtain lower interest rates and monthly auto loan payments for an up-front fee of $499.

In addition to the judgment against the company, the settlement order banned the defendants from telemarketing and debt relief services and prohibited them from misrepresenting the terms or rates that are available for any loan or extension of credit, and the ability to improve a consumer's credit rating.

The FTC said affected consumers will receive full refunds based on information they reported to law enforcement. The average amount is $380.

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