AUGUSTA, Maine – State regulators are investigating a Portland auto dealer who ran an advertising insert in the Portland Press Herald last week that listed 12 local credit unions that were purportedly offering 0% financing for its cars, even though none of the credit unions approved the ad.
The ad for Yankee Ford in South Portland had a lead headline that said in bold print, ATTENTION ALL CREDIT UNION MEMBERS and listed 12 credit unions implying they were offering 0% car loans. But none of the credit unions had approved the use of their names or inclusion in the ad, according to the Maine CU League, which is investigating the incident, along with the Maine Bureau of Financial Institutions.
"The credit union brand and reputation was not only misrepresented but was done so in a misleading manner that attempts to capitalize on the strong and positive image of credit unions without their permission,” said John Murphy, president of the Maine League.
A lawyer for the league sent a letter to the dealer asserting unfair and deceptive trade practices, noting that several credit unions received calls inquiring about the 0% loans. The state regulator has also contacted the dealer.
