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So far our government has done NOTHING to protect the more ignorant in our society from predatory lending.. Still the same business as usual games and nibbling around the edges of true financial reform.. This article discusses the fact that auto loans are even securitized!
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If auto dealers get their way they will be exempted from the new consumer protection rules currently being crafted in Congress. This will be to the detriment of consumers and will create a gaping hole in the new system.
By Pat Garofalo | June 7, 2010
The New York Times earlier this month profiled Army specialist Matthew Garcia, a 25-year-old who was the victim of a “yo-yo deal” when he attempted to purchase an automobile. He agreed to pay 19.9 percent interest on a $12,000 loan, but was contacted by the auto dealership days later and told that his financing had fallen through.
Garcia was called back to the car lot, at which point he was told that he would need to put an additional $2,500 down. He refused, “but by that time someone had blocked his car so he could not leave,” according to the Times. “I was tricked, manipulated and lied to,” Garcia said. “And I feel like it was intentional.”
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Please click here to read the full article
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Greg
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