After I buy my car, is the bank my "creditor" or is the dealer? How can I tell?

Asked over 1 year ago - Pittsburgh, PA

I'll be buying my first car soon, and I want to understand the terminology and how it applies to my situation. What would my purchase look like if it is a purchase-money loan with the bank as my creditor, compared to how it would look as a credit sale with the dealer as my creditor?

I have to send my credit application to the dealer. But my eventual payments will be sent to the bank, after the dealer sales/assigns my installment sales contract to the bank. So who is my creditor under the Truth in Lending laws?

Additional information

Also, I'll have to pay a finance charge

Attorney answers (1)

  1. Frances Parker Quarles

    Contributor Level 11


    Lawyer agrees

    Answered . Once the dealer assigns the loan to a bank, the bank is your creditor.

    DISCLAIMER: Any information contained herein is intended for general informational purposes only. The information... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.


Ask now

27,001 answers this week

3,194 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

27,001 answers this week

3,194 attorneys answering