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STEELE v. FORD MOTOR CREDIT CO.

No. 85-8418.

783 F.2d 1016 (1986)

Calvin STEELE, Plaintiff-Appellant, v. FORD MOTOR CREDIT COMPANY, Defendant-Appellee.

United States Court of Appeals, Eleventh Circuit.

March 3, 1986.

Attorney(s) appearing for the Case

John Riemer, Gainesville, Ga., for plaintiff-appellant.

Stephen H. Block, Burgess W. Stone, Atlanta, Ga., for defendant-appellee.

Before VANCE, Circuit Judge, HENDERSON, Senior Circuit Judge, and LYNNE, Senior District Judge.

VANCE, Circuit Judge:

In this case we must determine whether appellee Ford Motor Credit Company materially understated the cost of credit in a loan it made to appellant Steele, so that Steele is entitled to relief under the Truth in Lending Act. We conclude that the cost of credit was materially understated and thus reverse the district court's contrary ruling.

I.

On March 26, 1981, Steele borrowed $3000 from Ford. Steele was to pay interest totaling...

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