This course will survey the laws governing the sale and financing of relatively high-dollar consumer goods, such as motor vehicles. We will examine the legal underpinnings of how sellers of these items finance their inventory and in turn, provide purchase financing to their customers. We will use motor vehicle inventory and sales financing as our template transactions for this examination. These transactions contribute hundreds of billions of dollars to our economy and provide the foundation for the vehicle industry in the United States. The course will also provide an overview of "asset securitization" transactions that are at the core of our current financial crisis. Topics to be explored in connection with these transactions include UCC Article 2 (sales), UCC Article 9 (secured transactions), the Magnuson-Moss Consumer Warranty Act; the Federal Truth In Lending Act, and other federal and state laws regulating consumer purchase financing. All presented in the context of their effect on real-world transactions involving millions of consumers annually.
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