Creative corner

    Driving While Black: Car Purchasing Edition

    There is a bill in Congress that challenges government efforts to end a form of discrimination in car loans. Car dealerships can finance car loans. The dealerships work with banks who determine the credit worthiness and suggested cost of the loan. The car dealership can legally add a "markup" to make profit on the loan. In practice the loans are discriminatory. Black and Latinos face a higher markup at the dealership despite their credit rating. In addition, the bank raises the cost of the loan it suggests to the car dealer based on race. Minorities are openly discriminated again in the current system.

    In 2013, the Consumer Financial Protection Bureau issued regulations at ending this discrimination. There is a bill in Congress aimed at ending these regulations and returning to the prior discriminatory practicing. The NAACP, the Urban League, the National Council of La Raza, and the U.S. Public Interest Research Gropu oppose this new legislation.

    There are 166 sponsors of this Republican crafted bill. Sixty-Five of the sponsors are Democrats. Some of the names of the Democratic sponsors are surprising

    http://www.huffingtonpost.com/entry/racial-discrimination-car-dealers_56...

    Alan Grayson.                         D-Fla

    Debbie Wasserman Schultz.   D-Fla

    Tulsi Gabbard.                         D-Hawaii

    Loretta Sanchez.                     D-Calif.

    Alcee Hastings.                       D-Fla

    Henry Cuellar.                         D-Texas

    Tammy Duckworth.                 D-Illinois 

    Sheila Jackson Lee.                D-Texas

     

    Please review the list of Democratic sponsors in the link, and encourage your Congresspersons to vote against the bill

    Comments

    Nancy Pelosi, Maxine Waters, and Keith Ellison are urging members of Congress to vote against the bill. 

    http://www.huffingtonpost.com/entry/democrats-racial-discrimination-car-...

    They are joined by the National Association of Minority Automobile Dealers in voicing opposition. 

    http://ellison.house.gov/sites/ellison.house.gov/files/NAMAD_Ltr_opposin...


    We haven't bought a car in a while but when we do we go through our credit union and not the dealership.  The only time we ever went through the dealer was when the manufacturer was offering zero percent interest.  I guess I'm not understanding the issue.  When we get the price we want (or the best we can do) we do the financing through our own institution with no input from the dealer.  Why get the dealer involved at all?


    They are targeting the poor.


    I understand that. But why are the banks willing to work with the dealers but not with the customers themselves?  The bank still holds the lien and the customers are responsible for payment, right?  So why the middleman?


    Dealers can deal with banks anywhere in the country. The banks are making some profit on customers they otherwise would not be able to access. The outside bank's rate may be lower than your bank's rate. Many people deal with the dealer for convenience.

    http://www.autotrader.com/car-tips/who-has-the-best-interest-rates-the-d...


    Speaking of cars, I cannot recall bringing up this old history before.

    My son has this friend, this Black friend.

    His friend is a millionaire now.

    But my son would drive freely without ever being stopped for anything.

    And his friend would be stopped four or five times a year.

    He just got used to it.

    LICENSE AND REGISTRATION, PLEASE.DLV stations are being shut down in many states in order to lessen Black voter registration.

    Something is happening here, and I know just what it is:


    I think we all realize that the less contact you have with police, the better it is for your health and longevity. Less police contact also is a good way to prevent lead poisoning


    OKAY, I hereby render unto rmrd the Dayly Line of the Day Award for this here Dagblog Site, given to all of rmrd from all of me!

    hahaahahahhahaha

    May we all be delivered from lead poisoning!

    hahhahahaha

    well done!

    here is the scariest song I ever heard:

     


    Latest Comments