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Governor Davis Signs Bill Aimed At Curbing Discriminatory Auto Loan Mark Ups
July 14, 2003
Gov. Gray Davis of California signed into law a bill to curb inflated interest rates on auto loans that car dealers charge minority customers. The new statute is the nation's first to take aim at discriminatory lending that can result from a practice known as dealer markup.
In a dealer markup, car dealers raise interest rates above the rates they are quoted by auto lending giants or other big financing companies. Frequently, the customers that incur the highest mark-ups are allegedly African Americans and Latinos.
To learn about lawsuits against auto finance companies for unfair lending, click here.