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		Home Page We're about Mortgage News You Can Use     Hidden finance charges cost car buyers billions, group says January 27, 2004 BY DEE-ANN DURBIN WASHINGTON -- Secretive auto financing charges cost consumers $1 billion each year, a consumer advocacy group said Monday. When a car buyer arranges financing through an auto dealer, lenders quote a finance rate based on the buyer's credit history. In some cases, dealers are increasing that rate by several percentage points and sharing the profit with lenders, the Consumer Federation of America said. The National Automobile Dealers Association responded that the charges are fair compensation for dealers who set up financing. Dealers typically increase the rate by around 3 percentage points, which can add $1,000 to the cost of the loan, the Consumer Federation said. The group estimates the practice affects one out of every four buyers who finance their vehicles through dealerships and disproportionately hurts low- to middle-income blacks and Hispanics. AP   Continue with: Don't bite off too much house US Treasury: No specific job growth targets for 2004 Fed expected to hold interest rates steady Fed panel opens two-day rate policy meeting Fed likely to leave short-term rate alone, economists say Consumer Confidence Rose in January Despite Job Concerns Consumers Upbeat in Jan. But Jobs Scant Can Consumer Spend If Rates Start Rising? What It'll Take to Move the Fed U.S. made clear it has strong dollar policy-Aldonas Greenspan: Trade Protectionism May Hurt Intl Prosperity Fed expected to keep promising `considerable period' of low interest rates Consumer Confidence Index in U.S. Jumps to 96.8, Highest Since July 2002 Gold Coins MBA Releases Long-Term Forecast for U.S. Economy and Housing Finance Market CBO Says '04 Deficit Will Rise to $477 Billion The Jobless Recovery A Cheap Dollar Boom Consumer Confidence Rises in January
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