Is Car Loan Service Fee Legal?

[StSamuel]

Car loan service fees are neither reasonable nor legal. Here is relevant information about car loan service fees: 1. Regulations: According to Article 3 of the "Notice on Rectifying Irregular Operations of Banking Financial Institutions," "Financial institutions must not require customers to accept unreasonable intermediary services or other financial services, thereby charging fees, under the pretext of issuing loans or providing financing in other ways." 2. Legal Perspective: From a legal standpoint, if an automobile sales company induces consumers to choose car loans and charges them a "financial service fee," this constitutes an illegal act of imposing unreasonable conditions. 3. Compensation Method: If defrauded, consumers can claim triple compensation. Article 55 of the "Consumer Rights Protection Law" states: "If a business operator commits fraud in providing goods or services, it shall, at the consumer's request, increase the compensation for the losses suffered by the consumer. The increased compensation shall be three times the price of the goods purchased or the cost of the services received; if the increased compensation is less than 500 yuan, it shall be 500 yuan. If other laws provide otherwise, those provisions shall apply."