Goodwin Mazda Assurance of Discontinuance

May 14, 2020

State of Maine
Kennebec, ss.
Docket #2020-102 Assurance of Discontinuance

In re: Goodwin Mazda
195 Pleasant Street
Brunswick ME 04011


  1. The Maine Bureau of Consumer Credit Protection ("the Bureau") administers and enforces the Maine Consumer Credit Code, Title 9-A of the Maine Revised Statutes, and Regulation Z of the Consumer Financial Protection Bureau, which has the force of law for creditors doing business in the State through Maine Regulation 02-030-240.
  2. Goodwin Mazda (the Dealership) is a Maine motor vehicle dealer that advertises and sells vehicles on credit. It holds registration number NCD1292.
  3. Federal Regulation Z (Truth in Lending) provides that if an advertisement includes a triggering term such as the number of payments or period of repayment, 12 C.F.R. 1026.24(d)(1)(ii), it shall also state the amount or percentage of the down payment, the terms of repayment, and the annual percentage rate, using that term. 12 C.F.R. 1026.24(d)(2)(i)-(iii).
  4. On at least May 13, 2020, the Dealership ran advertisements on Facebook stating Going On Now - 0% APR for 63 Months and No Payments for 90 Days. Said advertisement contained a triggering term as defined at 12 C.F.R. 1026.24(d)(1)(ii) but did not then provide the information required by 12 C.F.R. 1026.24(d)(2)(i)-(ii).
  5. The Bureau has counseled the Dealership on compliance with Truth-in-Lending's advertising requirements.

    1. The Dealership acknowledges its advertising, as specified in paragraph 4 above, does not comply with state and federal Truth-in-Lending laws.
    2. The Dealership provides this written assurance to the Bureau that future advertising will comply with the requirements of Truth-in-Lending; and
    3. The Dealership understands that if future violations occur, the Dealership may be subject to assessment of the Bureaus costs of investigation, or other costs or penalties, up to and including revocation of the right to enter into consumer credit transactions.
    4. Date: May 14, 2020 /s/William N. Lund
      William N. Lund
      Bureau of Consumer Credit Protection


      2020-102 Goodwin Mazda AOD (DOCX)

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