This is not true... the only reason people pay more is cuz they either don’t know how to negotiate or they have terrible credit
Minorities often end up paying thousands of dollars more to buy a car due to discriminatory pricing and loan terms from auto dealers. CFPB issued guidelines to protect consumers, but Republicans repealed them. If the CFPB won’t protect minority car buyers, then the FTC must.pic.twitter.com/ZgzLQ6XT9t
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Auto LENDERs aka big banks have more say in the term & rate customers are charged on their auto loans than the dealers do. The industry is already governed by the FTC and requires fair lending practices. How many of those big banks have donated to your campaign?
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Generally speaking, people with less income are offered loans for a higher interest rate because of "RISK". This is a crime against poor people. Why is it like this? Shouldn't it be the other way around? if you make less you pay a lower rate?...
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Profits are a MUST to stay in Business. High Risk customers eat Profits.
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Hang on a sec...your letter seems to indicate that DEALERS set the interest rate for car loans. Sure, some “buy here, pay here” dealers will, but aren’t the BANKS the loan originators? And unless you walk into a bank, the banks have no idea what your race is. Very silly.
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