Consumer bureau looks into Buy Here Pay Here auto dealers

LA Times, Jan 12 2012 - Richard Cordray, director of the Consumer Financial Protection Bureau, says he is concerned about the practices of auto dealers who lend money directly to buyers at interest rates that can top 30%. Buy Here Pay Here dealers lend the money themselves and The Times recently published a series of stories showing how dealers take advantage of people desperate for transportation by selling high-mileage vehicles for much more than KBB value. The direct lending makes them subject to consumer bureau oversight. http://articles.latimes.com/2012/jan/12/business/la-fi-cordray-consumers-20120113