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New Legislation Takes Aim at Sleazy Auto Dealers Near Military Bases

In the movies and on TV they're easily recognizable by the plaid coat, slicked back hair and too-good-to-be-true sales pitch.

By Lindsey Siegriest | Updated on June 15, 2010

In the movies and on TV they’re easily recognizable by the plaid coat, slicked back hair and too-good-to-be-true sales pitch. In real life they aren’t so easy to recognize and are scattered across the country in locations conveniently selected to prey on young, lower-income, less financially savvy individuals, many of whom serve in our country’s military.

Predatory auto dealerships are just one of the institutions on the list to be reined in by the financial regulatory reform bill before Congress. A provision in the bill would place auto dealers under the authority of the new Bureau of Consumer Financial Protection. But the Senate has requested to insert a provision into that bill to exclude auto dealers from rulemaking, supervision or enforcement by the BCFP.

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