Earlier today, the House members of the House-Senate conference committee crafting the final version of financial reform voted to create a loophole exempting auto dealers from any new consumer protection rules.
We cannot let this stand, and we have no time to lose.
Join Campaign for America's Future and CREDO in telling Rep. Barney Frank and Sen. Christopher Dodd: No consumer protection loopholes for auto dealers!
While a lot of attention has been paid to banks, we can't lose sight of car dealers, who are responsible for some of the most abusive financing deals.
In fact, abusive deals by auto dealers rank top among the complaints filed each year with state consumer protection agencies. …
Tell the leaders of the House-Senate conference committee, Rep. Barney Frank and Sen. Chris Dodd, that all consumers should be protected from shady financial deals.
We can't let Congress sell out consumers by giving a free pass to car dealers in the final bill.
Everyone should play by the same rules when it comes to making loans. Banks and credit unions aren't exempted from the new rules, and car dealers shouldn't be either.
With high-pressure tactics, dealers often lock buyers into higher-interest loans than they'd qualify for elsewhere. Then they turn around and sell the note to finance companies, who give the dealer a kickback for steering customers into high-interest loans and overpriced add-ons.
Bad auto loans are such a problem for our soldiers that the Pentagon has come out against the auto-dealer exemption. Even General David Petraeus' wife, Holly, who is working to help military families avoid financial scams, is fighting this rotten deal!
Tuesday, June 22, 2010
Should auto dealers be waived from consumer protection reform?
From Join Campaign for America's Future.