The Consumer Financial Protection Bureau also is taking issue with dealer markups involving auto loan calculator obtained at dealerships, hispanic and other minority car loan borrowers who dealt with Ally Financial were unfairly charged higher interest rates for loans on auto or trucks because of discriminatory practices.
Kukla pointed out that consumers don’t know what kind of extra compensation dealers might be getting on the auto loan. The great car deals are the ultralow car loan rates combined with easier credit for many drivers in 2014.
Ally Financial and Ally Bank were ordered to pay $80 million to harmed borrowers and pay $18 million in penalties relating to car payment calculator made between April 2011 and December 2013. But take steps to lock up a loan before you take a test drive.