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CHICAGO, Jan. 29 (UPI) -- Illinois' attorney general has proposed a truth-in-lending auto financing law to make dealers fully disclose how much they make on loan interest rates.
"These markups by auto dealers are the hidden cash cow of the auto industry," Attorney General Lisa Madigan said. "They are discriminatory and unfair."
About half the 16.7 million cars, vans, light trucks and sport-utility vehicles sold in the United States in 2003 were financed at dealerships.
Consumer advocates say with a new vehicle selling for an average $22,000, financing adds about $1,868 on a five-year loan. Typically dealers mark up the interest rate by three points to around 8.5 percent.
"These hidden finance kickbacks typically add at least $1,000 to the cost of an auto loan, and are costing consumers as much as one billion dollars annually," said Stephen Brobeck, executive director of the Consumer Federation of America.
The "Truth In Auto Financing" law would force dealers to disclose how much they charge consumers above the interest rate the dealer pays to obtain a loan.
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