Experts say that CR’s analysis suggests a broad problem with the way car loans are arranged in this country: Dealers and lenders may be setting interest rates based not only on risk—standard loan underwriting practice—but also on what they think they can get away with. Studies show that many borrowers don’t know they should, or even can, negotiate the terms of a loan, or shop around for other offers. 

Discrimination could be part of it, too. Other research suggests that people of color are more likely to be offered high-interest car loans, even when they have similar or even better credit than whites. But unlike federal data provided on mortgages, the data CR analyzed did not include any information on the borrowers’ race, age, or sex.

The auto lending industry also operates in a regulatory morass. Many states have confusing and contradictory laws regarding how high rates can be set, according to interviews with regulators in all 50 states and the District of Columbia. At the federal level, the Consumer Financial Protection Bureau has limited oversight of auto lenders. 
Those who do get stuck with expensive car loans can face serious repercussions. 

Why You Should Never Use Your Debit Card

Scammers are everywhere, and debit cards leave your business exposed. . . .

Skimmers are a popular way for thieves to steal card numbers from gas pumps, ATMs and other machines that accept credit and debit cards. The skimmer is slipped into the card reader slot and once connected, it can not only steal the card number but also PINs and zip codes as they're entered. They're pretty tough to detect, and once a number and PIN is stolen it can be used to create counterfeit cards, make purchases over the phone and carry out other forms of identity theft, like setting up other accounts or loans in your name. . . .

The reason why Abagnale and most IT experts I know avoid debit cards deals with cash flow. If a fraudster can compromise a debit card, that person can access your cash. He or she can drain you and your company's bank account. And then you're stuck chasing. If a criminal makes unauthorized use of your credit card, your cash is still in your account.

In either case, according to the Federal Trade Commission, your liability would be no more than $500 — and more than likely considerably less — depending on when you report the theft. . . .

Read the full article from Entrepreneur magazine here: https://apple.news/Am9EeoNQVTteiFykHKUvs9g