Auto Dealers Association to Address Minority Lending Practices

"Tom McParland" (tommcparland) 01/27/2014 at 09:53 • Filed to: stealerships, financing, car buying

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New Orleans — The National Automobile Dealers Association on Friday unveiled a plan that it hopes will reverse inconsistent auto lending practices to minority consumers. The move, the first time NADA has made a recommendation of the sort, will also impact the millions of buyers who rely on vehicle financing each year.

From The Detroit News: !!!error: Indecipherable SUB-paragraph formatting!!!

Friend of Jalopnik, Karl Henkel has the scoop at Detriot News.

Now the key phrase in this is "optional for dealers." So if the dealerships cannot continue to screw people, especially minority buyers with sub-prime credit why would they participate? !!!error: Indecipherable SUB-paragraph formatting!!! Jus sayin'.

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505Turbeaux > Tom McParland 01/27/2014 at 10:20

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the banks are always going to do what the banks do. Unless the dealership is providing financing I dont see how this will help anything. They need to keep a sliding scale for differing credit scores. You cant say everyone gets 1.9% or whatever, so there will always be room to screw people. I think what needs to happen is a dealership needs to commit to one bank, not 70. One of the biggest hassles to running a dealership is dealing with all the goddamn reps from all of the "banks"