Presentation
Ancillary Products in the “All-In” APR Minefield
Read Time: 1 minAFSA Ancillary Product Working Group Annual Meeting
Seattle, WAMember J-P Perrault participated in a panel discussion at the AFSA Ancillary Product Working Group Annual Meeting on how the Military Lending Act “All-In” APR and other state All-In APR statutes affect sales of ancillary products, Topics covered included calculating the MAPR (examples of sales of high and low price purchases with ancillary products and calculating the All-In APR for each); marketing ancillary products to service members or to residents of states with an All-In APR; and the ability of a financial institution that is a national bank, or an FDIC insured state chartered bank with preemptive rights on rates, to preempt a state enacted All-In APR on indirect extensions of credit.