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Disclosure Push Targets Dealer Kickbacks in Auto Financing
Washington AP reports lawmakers press for disclosure of finance charge kickbacks paid by lending institutions to dealers. House subcommittee chair Frank Annunzio says under-the-table payments drive up consumer costs, with one case showing 791 dollars in finance charges including 272 routed to the dealer. Regulators may require banks to reveal dealer payments to buyers, enabling direct financing options.
MENTIONED IN THIS ARTICLE
Washington
Frank Annunzio
D-H
House
Consumer Affairs Subcommittee
Annunzio
Congress
Federal Reserve Board
National Consumer Finance Organization