Public Citizen Urges Support for Consumer Protection Bill
Maryland lawmakers should pass a bill that provides new and important disclosures for consumers on loan terms and dealership profit on loans for auto purchases, Public Citizen’s Laura MacCleery told a Maryland state Senate panel March 24, 2005.
MacCleery, counsel for automobile safety and regulatory affairs with Public Citizen, testified before the Senate Finance Committee Room on Maryland State Senate Bill 959, the Motor Vehicle Buyer’s Bill of Rights.
In addition to the disclosures, the bill would address “yo-yo financing,” a tactic in which auto dealers allow customers who buy vehicles with dealership-arranged financing to take the vehicle home on the day of purchase and later require the consumer to return to sign new, and frequently more expensive, loan paperwork.
MacCleery also described the vulnerability of consumers in vehicle purchases and explained how the Motor Vehicle Buyer’s Bill of Rights would shed light on some of the unscrupulous practices of auto dealers.
To read MacCleery’s testimony, click here.