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At least four major financial institutions that engage in auto lending may face a suit from the CFPB. Discriminatory auto lending practices are supposed, violations that if confirmed true would be in violation of the Equal Credit Opportunity Act. When have you wanted details about a pre-owned or new motor vehicle and turned to an internet search on auto loans in? Look no further, all the info you will want is located at CarDealExpert.com! Need to know more info on Car Deal Expert? Check out Car Deal Expert!
Car loans sell a lot
In the years leading up to the 2008 financial crash and beyond, auto lending became a big-ticket revenue item for banks. Since the economic landscape in the U.S. has improved, loan originations have gone up. The Federal Reserve notes that the total reached $85.8 billion during the third quarter of 2012.
"There is always a demand for autos," said automotive finance director Melinda Zabritski of Experian Plc. "You also have banks with money to lend."
The Consumer Financial Protection Bureau is aiming more at banks that originate auto loans than they are direct dealerships because dealerships are not really under the jurisdiction of the CFPB, according to attorney Stuart Rossman of the National Consumer Law Center. The Dodd-Frank Act of 2010 did not directly name dealerships.
To Get The Most Advantageous Discount On A new Car, Van, Truck or SUV Look At Edmunds Toyota Dealers Here
Discrimination in lending
According to the Consumer Financial Protection Bureau Consumer Advisory Board, there is an issue with discriminatory lending practices. Though it is technically illegal to discriminate with regards to credit, people of color generally get higher interest rates and have higher fees at dealers than others.
Learn more about car loans at Car Deal Expert.
It is really good that dealers can adjust auto lending rates, according to the National Automobile Dealers Association. It expands access to credit quite a bit, according to Bloomberg. Customers end up paying more than the cost of the loan through a bank when the loan comes through the dealer, which is unreasonable, according to CFPB. Dealer markup on loans is discriminatory.
Sources
Automotive News
Bloomberg
Fox Business
Mood: Cool ][
Currently: Working ]At least four major financial institutions that engage in auto lending may face a suit from the CFPB. Discriminatory auto lending practices are supposed, violations that if confirmed true would be in violation of the Equal Credit Opportunity Act. When have you wanted details about a pre-owned or new motor vehicle and turned to an internet search on auto loans in? Look no further, all the info you will want is located at CarDealExpert.com! Need to know more info on Car Deal Expert? Check out Car Deal Expert!
Car loans sell a lot
In the years leading up to the 2008 financial crash and beyond, auto lending became a big-ticket revenue item for banks. Since the economic landscape in the U.S. has improved, loan originations have gone up. The Federal Reserve notes that the total reached $85.8 billion during the third quarter of 2012.
"There is always a demand for autos," said automotive finance director Melinda Zabritski of Experian Plc. "You also have banks with money to lend."
The Consumer Financial Protection Bureau is aiming more at banks that originate auto loans than they are direct dealerships because dealerships are not really under the jurisdiction of the CFPB, according to attorney Stuart Rossman of the National Consumer Law Center. The Dodd-Frank Act of 2010 did not directly name dealerships.
To Get The Most Advantageous Discount On A new Car, Van, Truck or SUV Look At Edmunds Toyota Dealers Here
Discrimination in lending
According to the Consumer Financial Protection Bureau Consumer Advisory Board, there is an issue with discriminatory lending practices. Though it is technically illegal to discriminate with regards to credit, people of color generally get higher interest rates and have higher fees at dealers than others.
Learn more about car loans at Car Deal Expert.
It is really good that dealers can adjust auto lending rates, according to the National Automobile Dealers Association. It expands access to credit quite a bit, according to Bloomberg. Customers end up paying more than the cost of the loan through a bank when the loan comes through the dealer, which is unreasonable, according to CFPB. Dealer markup on loans is discriminatory.
Sources
Automotive News
Bloomberg
Fox Business
