Stop Overcharging for Car Loans!!

Auto financing should be fair

 

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Petition to Consumer Financial Protection Bureau

We call on the CFPB to ensure auto loans are fairly priced, and not just what the dealer or lender can get away with. A new Consumer Reports' investigation finds that borrowers with similar credit scores can be offered wildly different interest rates, with some exceeding 25%. We have a right to expect that auto financing options will be fair, transparent and safe. We call on the Bureau to use its full authority to ensure that the cost consumers face when financing a car reflects a borrower’s creditworthiness, and protects their ability to pay off the car.

New research by Consumer Reports finds that many people are paying outrageous auto-loan interest rates regardless of their creditworthiness. Some borrowers were charged up to 25 percent more than others with similar credit scores.

With interest rates not always reflecting a borrower’s credit score, it appears auto dealers and lenders may sometimes be pricing loan rates on what they think they can get away with.

The government’s financial watchdog — the Consumer Financial Protection Bureau — has the power to investigate and stop unfair practices. Help us get action now by signing our petition to the bureau to stop unfair auto loan tactics!