Car Dealers Fleecing Minorities?

Richard A Whitenight rum.runner at JUNO.COM
Mon Oct 30 11:34:34 MST 2000


It appears that some car dealers are telling potential minority car
buyers one thing and delivering another thing when it comes to percentage
rates on new or used cars.  CBS 60 MInutes uncovered evidence that car
dealers are saying one percentage rate to the customer, but in reality
are working with the companies who provide the loans to increase the
annual percentage rate and split the difference between the two and both
sides keep the extra income.  There was evidence that two African
American females were taken advantage of by this method and only after
they signed the contract, and started paying for their car did they
realize the fine print, that the APR on their loan was higher, that they
were paying more for the car than they realized.  These particular
examples appeared to have been taken from experiences with used car
dealers and not so much with the major new car dealers.



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