AFFIL Signs on to Letter Opposing Auto-dealer Exemptions
October 15, 2009
AFFIL recently joined other national advocacy groups in a letter opposing auto-dealer exemptions within the new Consumer Financial Protection Agency. You can read the letter here (pdf).
As the letter explains, we stand with our colleagues who believe that auto financing should be regulated by the proposed Consumer Financial Protection Agency. Like other non-bank loan products, auto loans and contracts can easily be manipulated to abuse consumers, who we feel have the right to know that they’re getting a fair deal, on and off the car lot.
(Photo: Elmo Alves)
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Americans for Fairness in Lending 
This is the first time in my life I am without a vehicle, due to the fear of lending and the overly creative ways of financing car loans and stealing from the public and not being or treating us fairly in lending practices over the years. Now car loans are practicing ballon financing practices which took down the housing markets.
I have a vehicle that’s 10 years old, but there is no way that I will purchase a vehicle either new or used from a dealer. Show room salesmen and especially their contract/finance writers wear customers down and then suck the bones dry. Why would I submit myself to such wolves?
My heart goes out to all of the innocents out there (especially young or first-time auto buyers)who will get fleeced by these wolves in auto-sales.