Car dealers are working hard right now putting out a false spin, claiming they do not even engage in lending, falsely asserting they just “facilitate” loans for car purchases.
Yeah, and in the process, dealers “facilitate” low and moderate income people out of billions in extra finance charges! The truth is that dealers make a huge percentage of their profits secretly from kickbacks on markups in vehicle financing. No wonder dealer advertising lures the public with promises of “easy financing”.
Many crooked dealers actually falsify a buyer’s credit– frequently without the buyer’s knowledge or consent. This was exactly the same problem that occurred with the mortgage meltdown.