FTC Seeks Input on Dealer-Arranged Vehicle Financing

Dealer-arranged financing to purchase cars, SUVs and light trucks can be a “complicated, opaque process” and could potentially involve unfair or deceptive practices, according to the Federal Trade Commission.
So the FTC is seeking public input on consumer issues related to motor vehicle sales, financing and leasing.
The agency is looking for borrowers’ experiences at dealerships until April 1, 2012.
You can submit comments online by following the instructions on the web form.
The FTC held three roundtables nationwide in 2011 exploring consumer protection issues related vehicle financing.
“Financing obtained at a dealership may provide benefits for many consumers, such as convenience, special manufacturer-sponsored programs, access to a variety of banks and financial entities, or access to credit otherwise unavailable to a buyer,” the FTC said.
But dealer-arranged financing can be prone to questionable practices, the agency said.
Although the public comment period will close on April 1, this will not affect the opportunity for public comments on any future vehicle financing initiatives the FTC undertakes.
Comments in paper form should be mailed or delivered to: Federal Trade Commission, Office of the Secretary, Room H-113 (Annex D), 600 Pennsylvania Avenue, N.W., Washington, DC 20580.

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