Auto Loan Scams Lead to Congressional Scrutiny

14.05.10

Jennifer Howard thought her loan was a good value. When she was a private in the United States Army, her car dealer tricked her into a loan scam.

Like a lot of buyers, she was applying through the dealer for a bank loan, reports CBS News correspondent Wyatt Andrews . Unknown to her, the dealer was telling her bank her basic Suzuki had extra options like alloy wheels and a moonroof -- which it didn't.

The scam is called "power booking," and it added thousands of dollars to the price of the car which Jennifer had to borrow, with the dealer pocketing the profit.

"I'm like, 'How dare you?'" said Howard. "I already knew the car was inflated. How dare you inflate it more."

Her story and dozens like it have led to one of the biggest showdowns over finance reform. For most consumers, the first big loan of their lives is for a car. The nation's auto dealers want Congress to exempt them from the new Consumer Financial Protection Bureau that would be created

Source: CBS News

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