Auto dealers are up in arms at the thought of federal regulation. It has been proposed that loans at auto dealers be put under the purview of a new federal consumer protection authority to guard against fraud and abuse. Not surprisingly the financing business or better yet the abuse of the financing system is very lucrative and is bringing auto dealers to Washington to get their moneys worth from those they helped put in Congress.
One of the things I have never looked forward to is buying a car. Not that the prospect of a new car was not appealing. It was the prospect of getting screwed without a kiss that was not appealing. Here's hoping Obama is able to reign in these highway robbers.
(What is really scary is that car dealers are spending their millions to run for Congressional seats as evidenced by the recent Republican primary victory of Tom Ganley in Ohio's 13th Congressional District. The fox wants in to the hen house.)
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