Newsmaker interview: Warren says Congress should hold car dealers to same rules as other lenders

Elizabeth Warren, the government’s top advocate on consumer financial issues, says that Congress needs to hold auto dealers to the same basi

With 6 car dealers in Congress, industry revs up horsepower on Capitol Hill

By Kimberly Leonard

Car dealers rev up horsepower on Capitol Hill

Excerpts from this story referencing "Center for Responsive Politics":

"… ent nearly $22 million on Washington lobbying since 2005, according to the Center for Responsive Politics, including $3.7 million in just 2010. They also are big contributors …"

Broad reach of new consumer financial agency may fall short in some areas

By David Heath

The Consumer Financial Protection Bureau that opens on July 21 faces Republican lawmakers who want to chip away at its power, companies that

Excerpts from this story referencing "car dealers":

"… ive practices as the major banks.Congress also carved out an exemption for car dealers, even though no other business garners more complaints to the Better Busin …"

"… was disappointed when Congress caved to auto dealers.“I’m shocked that car dealers are willing to say publicly that they want to have the legal right to hide …"

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Buyer beware

By David Heath

New consumer agency powerless against dishonest auto lending practices

Excerpts from this story referencing "car dealers":

"… ent. It’s the sort of lending horror story that now sounds familiar. But car dealers will continue to live by the old rules under a last-minute political deal …"

"… You don’t belong here”It comes as no surprise that Americans distrust car dealers. A Gallup poll for the Better Business Bureau in 2008 showed that onl …"

"… ter Business Bureau in 2008 showed that only 13 percent of Americans trust car dealers. No other business garners so much distrust. But industry whistleblow …"

"… s necessary because state and local authorities rarely take action against car dealers, even when there’s substantial evidence of fraud. The lack of prosecutio …"

Two-party debates

By Josh Israel

On the night of September 30, 2004, few of the estimated 62.4 million viewers watching President George W. Bush and Senator John Kerry squar

Excerpts from this story referencing "car dealers":

"… , its ranking in political opinion polls will be below the ranking of used car dealers,” and filed a suit charging that the Commission violated the law and his …"

Car dealers take victory lap, but will face tougher FTC

By Michael Hudson

Car dealers are close to winning their battle to avoid oversight by a new federal consumer financial protection bureau but elation over the

Excerpts from this story referencing "car dealers":

"… ressed.” One of the flashpoints in the debate over federal regulation of car dealers is a large volume of complaints that car dealers clustered around military …"

"… ver federal regulation of car dealers is a large volume of complaints that car dealers clustered around military bases have mistreated active-duty service member …"

"… three years.” Another Republican, Scott Garrett of New Jersey, said that car dealers are family-run, small businesses that don’t belong in a financial reform …"

"… y published Tuesday, the Center for Public Integrity reported on 20 former car dealership insiders from around the country who describe a culture in which forged …"

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Auto dealers maneuver for exemption in financial reform bill

By Michael Hudson

In Arizona, Hector Maldonado says he ran into trouble with his bosses because he objected to what he claims was his employer’s habit of faki

Excerpts from this story referencing "car dealers":

"… pair weren’t employed in the subprime mortgage business. They worked for car dealers.They are among 20 former auto dealership insiders from Arizona, California …"

"… come to agreement on the final shape of a sweeping financial reform bill, car dealers and their critics are clashing over whether the dealers should be excused …"

"… ”Dealers exercise their political mightThe battle over whether to exempt car dealers from the increased federal regulation has been a contentious one, marked b …"

"… crat, in connection with the jockeying over financial reform’s impact on car dealers. The newspaper reported that Watt offered an amendment that would have nar …"

Main Street or Wall Street?

By Michael Hudson

In arguing against tougher regulation of car dealers, Kansas Republican Sen. Sam Brownback insisted they didn’t belong in the broad financia

Excerpts from this story referencing "car dealers":

"… and credit unions do not offer.” …"

"… he-ground mortgage lenders sold loans up the food chain to bigger lenders, car dealers sell their loans to larger financing entities, which work with Wall Street …"

Credit bureaus, auto-title lenders, debt collectors among priorities of new consumer agency

By Amy Biegelsen

Consumer Financial Protection Bureau gives a peek at its

Excerpts from this story referencing "car dealers":

"… specifically exempt from any CFPB regulation because of heavy lobbying by car dealers.The Dodd-Frank financial reform law gave the CFPB authority to oversee how …"

Borrower Nightmares: Soldiers battle car dealers over inflated prices, loan terms

By Michael Hudson

Marines adviser says some car dealers near bases target service members with predatory financing

Excerpts from this story referencing "car dealers":

"… g deals gone bad.Consumer advocates and military officials claim that some car dealers target soldiers, sailors, Marines and other service members for predatory …"

"… men face when they try to buy cars on credit. Industry officials deny that car dealers routinely take advantage of members of the armed forces.“I don’t see m …"

"… tomobile Dealers Association of California, which represents some 450 used-car dealers in a state that is home to more than two dozen military bases.In instances …"

"… to last year’s Dodd-Frank financial reform law after intense lobbying by car dealers: The bureau has authority over auto lenders, but it generally won’t have …"

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