Americans are drowning in auto loan delinquencies; report says Congress needs to fix it
A new report by the Consumer Federation of America to Congress calls on lawmakers and regulators to protect car buyers, saying a crisis is at hand.
www.usatoday.com
CFA sent the report to members of Congress on Sept. 10, calling for an end to "exploitative practices," including interest-rate kickbacks, where dealers and lenders "conspire to secretly inflate interest rates and share the profits gleaned from the consumer's overpayment."
The organization also said the FTC "has not brought a single case against a car dealer since Trump installed new leadership, and the Commission refused to appeal the Fifth Circuit Court of Appeals decision striking down the overwhelmingly popular, cost-saving CARS Rule,"
which would have prohibited bait-and-switch tactics and hidden junk fees. The FTC has also "abandoned its work to address widespread dealer discriminatory add-on pricing," which often adds unneeded items to the cost of a car, the report said.
Trumps got this handled !!!!!! no fear MAGGOTS, billionaires and corporations are laughing all the way to the bank.
