To the Editor:
So car dealers feel they should be exempt from new regulations safeguarding consumers from predatory lending practices. Why?
Is it because dealers have always done such a fabulous job of policing themselves? Apparently not. An undersecretary of defense made a strong argument that predatory dealers swarm military bases hoping to saddle young, inexperienced soldiers with car loans they can't possibly pay back. That has ruined many young soldiers' credit and put them in severe financial difficulties. Do we want that to continue?
I've been associated with the auto industry for more than 40 years, and I'm a strong dealer advocate and a former salesman. But dealers are putting themselves on the wrong side of the angels when they claim they should be exempt from rules designed to protect buyers -- especially our brave warriors.
It would be better and smarter for all of us to get behind the new legislation so we can continue to weed out the few bad apples that spoil our image. Let's get on the side of the consumer and on the side of right. Honest dealers have nothing to fear from the proposed rules.