Auto Loans Center of Attention for Congress

 
 
The House and Senate have been looking at the idea of auto loans and how they might need to be regulated a little more strictly. There are those that believe that the auto loan industry is doing just fine on their own and that they do not need to change anything. Their lobbyists have been up on the hill trying to convince the government that they need to leave the auto loan industry alone as they have it all under control. They also want the government to leave their auto loan procedures alone as they say that by changing them they are going to cost the American tax payer more money.
 
What is at question is the way that auto loans are written. There is a lot of information that the consumer does not see in terms of the deal. The government wants the auto loan industry to show that information to consumers so that they can see exactly what all the fees, etc. are for. They feel that the auto loan industry is not exempt from showing how they make their money, just as the mortgage company is not exempt either. Many feel that it is a double standard and they want full disclosure with their auto loans.

The auto loan industry’s best response so far has been that if they tell the consumer everything that it will cost more money and that they may not be able to get everyone an auto loan that needs one. Consumer advocates say that this is a bunch of baloney and are tired of the auto loan industry being able to hide what it is they are doing.

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