Taking What They Can When They Can
Car dealers mark up interest rates to make an extra buck. Studies show minorities are charged higher markups.
"Marking up interest rates on vehicle loans -- while legal and common -- is emerging as a controversial practice that costs unsuspecting consumers up to $1 billion a year. Consumer advocates say markups are at best deceptive and at worst discriminatory. At least a dozen potential class-action lawsuits allege that some dealers, in cooperation with lenders, routinely boost loan rates higher for blacks and Hispanics than other customers."
Thanks to Richard Layman
Published on Sunday, April 25, 2004 in
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