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Federal Reserve Bank of Dallas l l★K April 18, 2001 DALLAS, TEXAS 75265-5906 Notice 01-34 TO: The Chief Executive Officer of each financial institution and others concerned in the Eleventh Federal Reserve District SUBJECT Two New Internet Resources for Spanish-Speaking Consumers DETAILS The Board of Governors of the Federal Reserve System has announced that two new Internet resources for Spanish-speaking consumers are available on its web site. Consejos para arrendar un vehículo: Guía del consumidor (Keys to Vehicle Leasing: A Consumer Guide), at http://www.federalreserve.gov/pubs/leasing/guide_spanish.htm, provides an overview of a closed-end lease, the most common type of vehicle lease used by the automotive industry. The resource provides four key messages for consumers: • Arrendar un vehículo es distinto a comprarlo. (Leasing is different from buying.) • Considere los costos al inicio, durante y al final del contrato de arrendamiento. (Consider beginning, middle, and end-of-lease costs.) • Se puede comparar distintas ofertas de arrendamiento y negociar algunas de las condiciones. (Compare different lease offers and negotiate terms.) • Conozca sus derechos y responsabilidades. (Know your rights and responsibilities.) A sample consumer leasing form (muestra del formulario de arrendamiento para el consumidor) is included so consumers can become more familiar with the document they will receive when leasing a vehicle. An English-language version of the same material is available at http://www.federalreserve.gov/pubs/leasing/guide.htm. For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. -2- Buscando la hipoteca más favorable: Compare, Verifique, Negocie (Looking for the Best Mortgage: Shop, Compare, Negotiate) is available at http://www.federalreserve.gov/pubs/ mortgage/mortb_1_spanish.htm. This resource describes how comparing and negotiating interest rates, fees, and other payment terms may help consumers get the best financing and possibly save thousands of dollars, whether it is a home purchase, a refinancing, or a home equity loan. The resource outlines key steps to take in the mortgage shopping process: • Obtenga información de varias fuentes de crédito. (Obtain information from several lenders.) • Obtenga toda la información sobre los costos. (Obtain all important cost information.) • Negocie el trato más favorable. (Negotiate for the best deal.) A mortgage-shopping work sheet (Hoja de cálculo para préstamos hipotecarios) helps consumers compare different loans and different lenders to obtain the best deal. An Englishlanguage version of the material is available at http://www.federalreserve.gov/pubs/mortgage/ mortb_1.htm. Printed copies of both the Spanish and English versions of Consejos para arrendar un vehículo: Guía del consumidor (Keys to Vehicle Leasing: A Consumer Guide) and Buscando la hipoteca más favorable: Compare, Verifique, Negocie (Looking for the Best Mortgage: Shop, Compare, Negotiate) are available by contacting the Federal Reserve Board’s Publications Services, Mail Stop 127, Washington, DC 20551, (202) 452-3245. The first 100 copies are free. MORE INFORMATION For more information, please contact Eugene Coy, Banking Supervision Department, (214) 922-6201. For additional copies of this Bank’s notice, contact the Public Affairs Department at (214) 922-5254 or access District Notices on our web site at http://www.dallasfed.org/banking/notices/index.html.
@FedFRASER