5. California Group Proposing Ban on Dealers Marking Up Auto Loan Interest Rates

  • Work­ing to gath­er 800,000 sig­na­tures to get on CA Bal­lot in Novem­ber
  • Calls deal­er loan inter­est add-on a “hid­den extra charge”
  • Seeks to get deal­ers away from any kind of markup that cov­ers costs
  • Wants to pro­hib­it deal­er markups & bait and switch or yoyo financ­ing
  • No real evi­dence yet that any of the deal­er prac­tices real­ly need fix­ing
  • Get­ting on the Novem­ber bal­lot con­sid­ered long shot, but tak­en seri­ous­ly

Note from the Pub­lish­er of Deal­er Digest Dai­ly: Here is one of six impor­tant and sig­nif­i­cant news devel­op­ments that occurred over this past week and the “slow news day” on Mar­tin Luther King Day. You are encour­aged to check out this “list­ing of Need-to- Knows” every work­day and route to your team. 


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