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Home / Finance News / CFPB Warns Auto Dealers about Discriminatory Financing

 

Some auto dealers have been turning to the financing process to increase their profit on an auto sale, by raising the interest rate paid by some purchasers – typically minority customers. The Consumer Financial Protection Bureau (CFPB), created in the wake of the recent financial crisis, has released a guidance bulletin to put auto dealers on notice that these types of increased financing charges are discriminatory, and illegal. Although the CFPB does not have regulatory authority, it hopes to affect action by warning the dealers that they may be open to legal action if they pursue discriminatory practices.

Read the full article here:
http://autofinancenews.net/profiles/blog/show?id=2192375%3ABlogPost%3A70872&xgs=1&xg_source=msg_share_post

 

About the author: Taylor

 

Taylor Brown is the founder of Repaid.org. He has paid down 90% of his credit card debt through smart budgeting, frugal-living, and inspiration/support from other personal finance bloggers.

 

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