The Center for Responsible Lending, Consumer Federation of America, Consumers for Auto Reliability and Safety, the National Association of Consumer Advocates, the National Consumer Law Center, and on behalf of its low-income clients the National Council of La Raza have filed the following comments to the FTC in regards to the current state of auto lending and the recent motor vehicle roundtables held across the country.
In the particular, the comments urge the FTC to:
- Prohibit auto dealer interest rate markups;
- End yo-yo scams;
- Curb loan packing; and
- Implement steps to ensure that dealers do not fail to pay off liens on trade-in vehicles or cause other harms to consumers when the dealer closes.
Together, these steps will create a fairer and more transparent automobile financing marketplace.