Discriminatory Auto Lending Policies Against People of Color
Institutional racism based on skin color and ethnicity impacts all aspects of the lives of people of color. One key area where this discrimination leads to economic losses is in auto lending and insurance. Recent evidence confirms that auto lending policies across the country can be racially discriminatory, and POC may be paying thousands more for their cars than their white counterparts.
Just last year, a car dealership in the Bronx agreed to a settle a case in which the Federal Trade Commission alleged that the dealership’s manager directed his employees to discriminate against buyers of color. Specifically, Black and Hispanic buyers were given higher interest rates, higher fees and higher prices than were made available to similar white buyers. This conduct stands in direct opposition to Federal laws designed to protect against discrimination, including the truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA). Unfortunately, the Bronx case is not an outlier, as discriminatory conduct is all too common: a 2018 study by the National Fair Housing Alliance (NFHA) found that 63% of the time non-white car shoppers were given worse treatment and offered worse financing terms than their white counterparts. These unfavorable terms could have cost buyers of color an extra $2,351 over the life of the auto loan.
You Deserve Equal Opportunity
If your credit is good or excellent and you are being charged 7% interest or more on your auto loan, you could be eligible for financial recovery! Schedule your free consultation by completing the form or calling (877) 674-0886 today.
We Fight for Equal Justice for All
The Racial & Economic Justice attorneys of McCune Wright Arevalo, LLP, refuse to stand by while thousands of Americans are taken advantage of through opaque, unscrupulous practices. With more than 30 years of experience and over $1 billion recovered for our clients, our firm has become nationally recognized for protecting consumer rights across the country. Partners Joe L. Richardson and Elaine S. Kusel are dedicated to shining a spotlight on injustice and righting those wrongs through fact-finding, bridge-building, and persistent litigation.
If you or a loved one are being charged interest rates over 7% on your auto loan, despite a good or excellent credit score, we want to help you get justice. Contact us by filling out the form or calling (877) 674-0886 to schedule your free consultation today!