As a source of financing, auto dealers work like any other lender, including some scams and shady practices that put people into situations they can't afford or insert hidden fees into fine print. Despite the National Association of Auto Dealers protests that auto dealers are already well-regulated, anyone who's fallen prey to these exploitative lending practices would beg to differ. The fight is not resolved, with Senator Sam Brownback of Kansas arguing on behalf of car dealers on Main Street, and the White House arguing on behalf of consumers. Debate is ongoing, but a vote is expected soon.
[Source: The Detroit News]