African-American have been on unequal treatment in the car loans

According to the Associated Press reported that in the African-American to apply for car loans have always been subject to unequal treatment, but for a series of recent auto finance companies to consumers for discriminatory treatment by the dust has settled litigation, which is expected to reduce or eliminate U.S. car loan industry The existence of discrimination.

According to the Consumer Federation of the United States to a survey conducted in 2004, blacks buy
To buy a new car loan interest rates typically 7%, and under the same conditions, the white rate was only 5%. In the purchase of second-hand car, 27% of blacks were asked to pay 15 percent or higher loan interest, and the proportion of whites only 9%.

Reported that to a large extent, set the lending interest rate is based on the car buyer's credit record. However, some people pointed out that car dealers and consumers do not usually discuss on the authorization to raise interest rates. U.S. consumers head of the Federation of the view that only by the credit records to explain the difference between the interest rate car loan problem, it is difficult to convince.

U.S. Consumer Law Center, said Stuart Grossman, who is currently handling a total of 11 for a car loan discrimination lawsuits, legal center and each of the relevant car finance companies have reached a solution, including in the next few years may not increase Blacks and other ethnic minorities in the purchaser's lending rate, which will contribute to the elimination of discrimination against the status quo.