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Buyer Beware, if Auto Dealers Are Exempted from Any New Consumer Protection Rules

28.04.10

Auto dealers swarmed Capitol Hill yesterday, asking their Senators to exempt them from scrutiny by the proposed Consumer Financial Protection Agency. They’ve already won an exemption from the House. If the Senate gives them a free pass, too, it will hurt consumers and violate the principle that everyone selling loans should have to compete on a level playing field.

Community banks and credit unions generally offer lower rates on auto loans than dealers do, and with cleaner disclosure. They’d still be covered by the CFPA. Exempting the dealers from any new rules on fair lending would give them a leg up on these attractive competitors.

Such an outcome would also profit the large national banks and Wall Street firms that bundle and resell dealer loans, says Raj Date, chair of the Cambridge Winter Center for Financial Institutions Policy. For more on this, see Cambridge Winter’s study of auto lending called “Auto Race to the Bottom: Free Markets and Consumer Protection in Auto Finance.”

Source: CBS MoneyWatch.com (blog)

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