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Study: Blacks pay higher auto loan rates As if we didnt know this already?

Question: WASHINGTON - Blacks have been charged higher auto loan rates than other auto buyers, federal research says. But the gap in loan rates could narrow, and possibly disappear, as the result of recently concluded lawsuits. ADVERTISEMENT Blacks paid a typical auto loan rate of 7 percent for new cars, compared with a rate of 5 percent for whites in 2004, according to a consumer organization's analysis of the Federal Reserve Survey of Consumer Finances. That was the most recent survey available. And blacks were more likely than auto buyers in general to have auto loan rates higher than 15 percent. For used car loans, 27 percent of blacks who buy cars were charged interest rates of 15 percent or more. Blacks were three times as likely as whites — 27 percent to 9 percent — to have auto loan rates at least that high, according to the report released Monday. Hispanics were paying a typical rate of 5.5 percent for new car loans, while 19 percent of Hispanics had loans for used cars over 15 percent, the analysis found. Lenders' suggested quote rates are based largely on the buyer's credit history, but auto dealers often raise the rate higher than that risk-related rate without discussing the rate with the customer, consumer advocates said. And they question the causes of those rate differences. "It's hard to believe that any differences in creditworthiness explain all of these rate gaps," said Stephen Brobeck, executive director of the Consumer Federation of America. "They size you up, the car salesmen and finance and interest guys. They must think African-Americans are more vulnerable to a markup." But a series of legal actions against auto finance firms seeking fair treatment for minorities could help solve that problem. "We had 11 lawsuits, the last of the cases settled last month," said Stuart Rossman of the National Consumer Law Center. "We reached a settlement with each of the finance firms. Our cases involved discrimination. We believe the terms of the settlements will eliminate discrimination." The first of the lawsuits was filed in 1998 in Nashville, Tenn., against General Motors Acceptance Corporation and was settled in 2004. The last settlement became final in April. The effects of those legal actions may not be known for some time, however. The National Auto Dealers Association questioned what accounts for the rate differences, but encouraged auto buyers to do their homework before going to buy a car. "The question that still is unanswered is why," said David Hyatt, a spokesman for the dealer's association. "People should do their homework and shop around. It speeds up the transaction, makes for a smoother transaction and is more likely to result in a satisfied buyer." Hyatt said an organization supported by the auto dealers, Americans Well Informed on Automobile Retailing Economics (AWARE), offers tips to potential car buyers. Chris Stinebert, president and chief executive of the American Financial Services Association, said his group is interested in educating consumers. "AFSA and its members believe there is no place for discrimination in the vehicle financing system," he said. The lawsuit settlements against auto finance companies call for caps on dealer markups, opportunities for blacks and Hispanics to get loans with no markups within the next few years, more information about interest rate terms and consumer education for minorities. "The lower markup caps have leveled the playing field," Rossman said. Consumer advocates say prospective auto buyers should call their bank or credit union for a rate quote to expect on an auto loan. That could protect them from unfair markups. Other ways to hold down costs. _Make all loan payments on time. _Buy a used car, or a less expensive new car. _Take out a loan over a shorter time. The survey of 4,519, including 605 blacks, was analyzed by Catherine Montalto, a consumer specialist at Ohio State University for the Consumer Federation of America. The survey was conducted between May and December of 2004.

Answer: That is why they wont vote for any Republicans too. African Americans know what being discriminated is really like, they haven't ever really been given a fair shake. My neighbors that bought a home were charged over $20,000 dollars more than the House even listed for because of this. This is just another way to keep them from prospering in our Country and I think it is counter productive personally.

What is the Federal Reserve collecting as collateral if their $2 trillion secret loan isn't paid back?

Question: Not only does the Federal Reserve REFUSE to disclose who they loaned $2 trillion to, they also will not disclose what collateral they were offered. Bloomberg filed a Freedom of Information lawsuit....AND WON. The Federal Reserve has until Sept. 30 to appeal. What do you think?? http://www.bloomberg.com/apps/news?pid=20601109&sid=ahys015DzWXc The U.S. has lent, spent or guaranteed $11.6 trillion to bolster banks and fight the longest recession in 70 years, according to data compiled by Bloomberg. That’s a 9.4 percent decline since March 31, when Bloomberg last calculated the total at $12.8 trillion. The tally “ignores the fact that virtually all commitments are backed by assets,” Andrew S. Williams, a Treasury Department spokesman who had the same role at the Federal Reserve Bank of New York until earlier this year, said in an e- mail. “The Federal Reserve’s current ‘outlays’ are largely in the form of secured loans. The aggregate value of the collateral backing those loans exceeds the loan value. These are not ‘outlays.’” Refused to Identify Spokesmen Calvin A. Mitchell of the New York Fed and David Skidmore of the Fed in Washington declined to comment. The Fed has refused to identify the collateral backing its loans. Bloomberg News parent Bloomberg LP, the New York-based company majority-owned by Mayor Michael Bloomberg, sued the central bank in November to force it to provide the information. U.S. District Judge Loretta A. Preska gave the Fed until Sept. 30 to appeal her decision requiring more disclosure about the financial institutions that have benefited. http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return....................Federal Reserve spokeswoman Michelle Smith declined to comment on the loans or the Bloomberg lawsuit. Treasury spokeswoman Michele Davis didn't respond to a phone call and an e-mail seeking comment. President-elect Barack Obama's economic adviser, Jason Furman, also didn't respond to an e-mail and a phone call seeking comment from Obama. In a Sept. 22 campaign speech, Obama promised to ``make our government open and transparent so that anyone can ensure that our business is the people's business.'' http://econsultancy.com/blog/4506-bloomberg-s-federal-reserve-lawsuit-highlights-the-importance-of-news-organizations Last November, Bloomberg filed a Freedom of Information Act lawsuit that sought to force the Federal Reserve to disclose the companies that took advantage of its emergency lending programs. The Federal Reserve had refused to disclose the names of these companies, claiming that such a disclosure could scare shareholders and potentially spark a run on deposits held at these institutions. Bloomberg countered that the American people had a right to know the names of these companies. After all, the public had become an "involuntary investor" in these companies because by way of the Fed's actions. Matthew Winkler, Bloomberg News' editor-in-chief, put it this way: When an unprecedented amount of taxpayer dollars were lent to financial institutions in unprecedented ways and the Federal Reserve refused to make public any of the details of its extraordinary lending, Bloomberg News asked the court why U.S. citizens don’t have the right to know. uma.....thanx for the link

Answer: They have a choice either make the loans or go down to the cellars next to the incinerators and get Romanoved !




Home Lawsuit Loan Washington Lawsuit Loan Denver Lawsuit Loan Colorado Springs Lawsuit Loan Los Angeles Lawsuit Loan San Diego Lawsuit Loan San Jose Lawsuit Loan San Francisco Lawsuit Loan Long Beach Lawsuit Loan Fresno Lawsuit Loan Sacramento Lawsuit Loan Oakland	Lawsuit Loan Washington Forum - Questions & Answers Study: Blacks pay higher auto loan rates As if we didnt know this already? Question: WASHINGTON - Blacks have been charged higher auto loan rates than other auto buyers, federal research says. But the gap in loan rates could narrow, and possibly disappear, as the result of recently concluded lawsuits. ADVERTISEMENT Blacks paid a typical auto loan rate of 7 percent for new cars, compared with a rate of 5 percent for whites in 2004, according to a consumer organization's analysis of the Federal Reserve Survey of Consumer Finances. That was the most recent survey available. And blacks were more likely than auto buyers in general to have auto loan rates higher than 15 percent. For used car loans, 27 percent of blacks who buy cars were charged interest rates of 15 percent or more. Blacks were three times as likely as whites — 27 percent to 9 percent — to have auto loan rates at least that high, according to the report released Monday. Hispanics were paying a typical rate of 5.5 percent for new car loans, while 19 percent of Hispanics had loans for used cars over 15 percent, the analysis found. Lenders' suggested quote rates are based largely on the buyer's credit history, but auto dealers often raise the rate higher than that risk-related rate without discussing the rate with the customer, consumer advocates said. And they question the causes of those rate differences. "It's hard to believe that any differences in creditworthiness explain all of these rate gaps," said Stephen Brobeck, executive director of the Consumer Federation of America. "They size you up, the car salesmen and finance and interest guys. They must think African-Americans are more vulnerable to a markup." But a series of legal actions against auto finance firms seeking fair treatment for minorities could help solve that problem. "We had 11 lawsuits, the last of the cases settled last month," said Stuart Rossman of the National Consumer Law Center. "We reached a settlement with each of the finance firms. Our cases involved discrimination. We believe the terms of the settlements will eliminate discrimination." The first of the lawsuits was filed in 1998 in Nashville, Tenn., against General Motors Acceptance Corporation and was settled in 2004. The last settlement became final in April. The effects of those legal actions may not be known for some time, however. The National Auto Dealers Association questioned what accounts for the rate differences, but encouraged auto buyers to do their homework before going to buy a car. "The question that still is unanswered is why," said David Hyatt, a spokesman for the dealer's association. "People should do their homework and shop around. It speeds up the transaction, makes for a smoother transaction and is more likely to result in a satisfied buyer." Hyatt said an organization supported by the auto dealers, Americans Well Informed on Automobile Retailing Economics (AWARE), offers tips to potential car buyers. Chris Stinebert, president and chief executive of the American Financial Services Association, said his group is interested in educating consumers. "AFSA and its members believe there is no place for discrimination in the vehicle financing system," he said. The lawsuit settlements against auto finance companies call for caps on dealer markups, opportunities for blacks and Hispanics to get loans with no markups within the next few years, more information about interest rate terms and consumer education for minorities. "The lower markup caps have leveled the playing field," Rossman said. Consumer advocates say prospective auto buyers should call their bank or credit union for a rate quote to expect on an auto loan. That could protect them from unfair markups. Other ways to hold down costs. _Make all loan payments on time. _Buy a used car, or a less expensive new car. _Take out a loan over a shorter time. The survey of 4,519, including 605 blacks, was analyzed by Catherine Montalto, a consumer specialist at Ohio State University for the Consumer Federation of America. The survey was conducted between May and December of 2004. Answer: That is why they wont vote for any Republicans too. African Americans know what being discriminated is really like, they haven't ever really been given a fair shake. My neighbors that bought a home were charged over $20,000 dollars more than the House even listed for because of this. This is just another way to keep them from prospering in our Country and I think it is counter productive personally. What is the Federal Reserve collecting as collateral if their $2 trillion secret loan isn't paid back? Question: Not only does the Federal Reserve REFUSE to disclose who they loaned $2 trillion to, they also will not disclose what collateral they were offered. Bloomberg filed a Freedom of Information lawsuit....AND WON. The Federal Reserve has until Sept. 30 to appeal. What do you think?? http://www.bloomberg.com/apps/news?pid=20601109&sid=ahys015DzWXc The U.S. has lent, spent or guaranteed $11.6 trillion to bolster banks and fight the longest recession in 70 years, according to data compiled by Bloomberg. That’s a 9.4 percent decline since March 31, when Bloomberg last calculated the total at $12.8 trillion. The tally “ignores the fact that virtually all commitments are backed by assets,” Andrew S. Williams, a Treasury Department spokesman who had the same role at the Federal Reserve Bank of New York until earlier this year, said in an e- mail. “The Federal Reserve’s current ‘outlays’ are largely in the form of secured loans. The aggregate value of the collateral backing those loans exceeds the loan value. These are not ‘outlays.’” Refused to Identify Spokesmen Calvin A. Mitchell of the New York Fed and David Skidmore of the Fed in Washington declined to comment. The Fed has refused to identify the collateral backing its loans. Bloomberg News parent Bloomberg LP, the New York-based company majority-owned by Mayor Michael Bloomberg, sued the central bank in November to force it to provide the information. U.S. District Judge Loretta A. Preska gave the Fed until Sept. 30 to appeal her decision requiring more disclosure about the financial institutions that have benefited. http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return....................Federal Reserve spokeswoman Michelle Smith declined to comment on the loans or the Bloomberg lawsuit. Treasury spokeswoman Michele Davis didn't respond to a phone call and an e-mail seeking comment. President-elect Barack Obama's economic adviser, Jason Furman, also didn't respond to an e-mail and a phone call seeking comment from Obama. In a Sept. 22 campaign speech, Obama promised to ``make our government open and transparent so that anyone can ensure that our business is the people's business.'' http://econsultancy.com/blog/4506-bloomberg-s-federal-reserve-lawsuit-highlights-the-importance-of-news-organizations Last November, Bloomberg filed a Freedom of Information Act lawsuit that sought to force the Federal Reserve to disclose the companies that took advantage of its emergency lending programs. The Federal Reserve had refused to disclose the names of these companies, claiming that such a disclosure could scare shareholders and potentially spark a run on deposits held at these institutions. Bloomberg countered that the American people had a right to know the names of these companies. After all, the public had become an "involuntary investor" in these companies because by way of the Fed's actions. Matthew Winkler, Bloomberg News' editor-in-chief, put it this way: When an unprecedented amount of taxpayer dollars were lent to financial institutions in unprecedented ways and the Federal Reserve refused to make public any of the details of its extraordinary lending, Bloomberg News asked the court why U.S. citizens don’t have the right to know. uma.....thanx for the link Answer: They have a choice either make the loans or go down to the cellars next to the incinerators and get Romanoved !
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