Buying a hybrid. Consumer protections needed?
The customer comes first here?
Auto financing in need of over-sight?
Does auto lending require more oversight in order to protect consumers?
Several Senators, as well as the Department of Defense, believe the answer to that question is yes and they are trying to convince Congress that exempting auto dealers from oversight by a new consumer watchdog agency is a bad idea.
“Abusive financial practices by auto dealers are the number one source of complaints received by the Better Business Bureau and state and local agencies. If they are the number source of the problem, why would we ever exempt them from this type of consumer financial protection?” stated Senator Richard Durbin, D-Ill, recently.
Already buying hybrid cars can often lead to many excessive dealer add-ons and other fees, and unscrupulous dealerships often add insult to injury with complicated trade-in and financing agreements.
Dealers, however, counter that such regulations could increase the costs of financing, and that banks make most of the profits off of consumers.
Nonetheless, if a new ‘consumer’ protection watchdog agency is going to be created, how can it not have jurisdiction over the largest source of consumer complaints, especially considering the costs of the products in question?
I find it very hard to disagree.
I’ll tell you how it cannot have jurisdiction. Graft! Bribes! Payola! I hope Durbin sticks to his guns and makes sure auto dealers are part of this plan.