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Pulling back the curtains on wage-theft enforcement in MN; Trump's latest attack is on RFK, Jr; NM LGBTQ+ equality group endorses 2024 'Rock Star' candidates; Michigan's youth justice reforms: Expanded diversion, no fees.

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Transportation Secretary Pete Buttigieg says rebuilding Baltimore's Key Bridge will be challenging and expensive. An Alabama Democrat flips a state legislature seat and former Connecticut senator Joe Lieberman dies at 82.

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Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

Report: Buyer Beware When Seeking Car Loans

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Thursday, February 19, 2015   

JEFFERSON CITY, Mo. – Similarities have been found in auto lending that look an awful lot like what happened in the mortgage market prior to the meltdown.

Those trends are featured in a new report from the Center for Responsible Lending.

Chris Kukla, the center’s senior vice president, explains there are several issues at play, including more expensive cars and stagnant wages.

Plus, he says dealers are rewarded for issuing loans at higher rates, despite what the borrower qualifies for – and the dealers can keep those details secret.

"You're already underwater by 40 percent to half the minute you drive off the lot, but you've also got a depreciating asset,” he points out. “Most people, they're going to be underwater the entire time that they're in the loan."

Kukla contends that the practices aren't only dangerous to family economic health, but they hurt car dealers as well, because consumers upside-down in long-term loans aren't repeat customers.

The report found the value of subprime loans has grown quite suddenly, and there's been an uptick in car and truck repossessions.

Kukla says consumers may think they have protections, but the industry has been aggressive in averting regulation - especially at the state level.

"This is an area where there has been very little, if any, real consumer protections put in place, when you compare it to any other lending market."

Those against regulations say stricter rules could make it tougher to help people with sub-par credit find auto loans with monthly payments that can work within their budgets.



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