Sen. Warren aims to bring auto loans under CFPB oversight

...but is having trouble finding allies even on her own side of the aisle, reports Politico. The reason? Although loans from car dealers "are often the largest kind of unregulated debt consumers have" (part of the reason Sen. Warren is seeking greater regulation), the auto dealer industry is powerful:

The $730 billion auto-dealer industry enjoys a special status. Auto dealers are in every district, employ more than a million people and are often local and family owned — which adds up to huge leverage in Washington. The industry has an army of lobbyists and a long history of beating back regulatory attempts.

Read the whole story here.

Comments

[ROLANDO ARANGO]

I strongly support Senator Warren in her efforts to regulate this Wild west business enterprise. I am sure that just about everyone that has ever purchased a car has a horror story to tell about their experiences with all the “ sales managers.” I hope that the used car loan sector, in particular, is even more closely regulated.

Thank you, Senator Warren, from the hearts of millions of Americans that whole heartedly support your efforts.

Saludos,
Rolando Arango

[Claudiaday]

loans from car dealers "are often the largest kind of unregulated debt consumers have"