An appeals court affirmed guaranteed asset protection waivers are exempt from the Military Lending Act, upholding a previous ruling. While this decision is limited to the states in the Fourth Circuit (MD, VA, WV, NC, and SC), it is the only federal court of appeals to have ruled on the matter so far. The plaintiff in the case, along with the U.S. Department of Justice and Department of Defense, had argued a car loan that includes GAP financing would not receive the exemption Military Lending Act regulations allow. But the defendant and other lenders and associations said the lower court correctly ruled under the “plain language” of the statute.
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