The Durham-based Center for Responsible Lending is backing House legislation that targets what the group calls predatory lending practices by some North Carolina auto dealers who finance their customers' loans.
"This is taking advantage of car buyers in the worst way, along with taking their hard-earned money each and every payment," Chris Kukla, lobbyist for the Center for Responsible Lending, said in a press release. "What's worse is car dealers are not even required to disclose marked up interest rates to buyers under state law."
In a report called "Car Trouble" published Thursday, the group describes practices it calls dealer kickbacks, loan packing and "yo-yo scams," Bruce Siceloff reports.
Rep. Dan Blue of Wake County has sponsored a bill aimed at the practices, while auto dealers said the report was misleading.
More after the jump.