Are Consumers Being RIpped Off by Auto Industry Financing and There's NO REGULATION, NO PROTECTION?

FOLKS,

PLEASE! GO TO YOUR BANK IF YOU MUST FINANCE A VEHICLE!

THE AUTO INDUSTRY SEEMS NOT CONTENT TO SELL YOU DEFECTIVE VEHICLES THAT THEY DON'T STAND BEHIND, BUT RIP OFF CONSUMERS WITH CAR LOANS!

WHERE ARE THE REPUBLICANS CLOWNS IN THE DO NOTHING CONGRESS?


This from a previous article:

U.S. accuses Toyota credit unit of discriminatory loan pricing

In September, the administration proposed federal oversight of larger auto finance companies for the first time, after it uncovered discrimination against minority buyers who have taken out loans for cars at major banks.

The new rules would mean oversight for 38 large non-bank auto lenders, including captive finance arms of companies like Ford Motor Co., Toyota Motor Corp., Honda Motor Co., Volkswagen AG and Nissan Motor Co. They would cover any non-bank that made 10,000 auto loans or leases in a year. CFPB declined to provide a list of the 38, but said there are as many as 530 non-bank auto lenders.

Currently, only auto finance companies that are banks or bank holding companies — like Detroit-based Ally Financial Inc. — are subject to federal oversight.

 

 

Honda’s Lending Unit Facing U.S. Charges of Discriminatory Lending

America Honda Finance Corp Makes Disclosure; Toyota Had Received a Similar Notice

 

By

Alan Zibel

 

The Wall Street Journal
 

WASHINGTON—U.S. authorities are poised to charge the lending arm of Honda Motor Co. with discriminatory loan practices, the company disclosed Tuesday, as part of a broad federal inquiry into whether auto lenders charge higher interest rates to minorities.

http://online.wsj.com/articles/hondas-lending-unit-to-face-u-s-charges-of-discriminatory-lending-1417562012