Car Dealers Want Financial Break - | Chattanooga News, Weather & Sports

Car Dealers Want Financial Break

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CHATTANOOGA (WRCB) -- Car dealers are looking for some special treatment.

There's a move by the nation's 17,000 auto dealers to seek an exemption from the financial regulation bill.

About 100 dealers showed up in Senate offices Tuesday to support an amendment to exempt them from new consumer protection rules.

They say the measure would drive up the cost of auto financing by requiring them to hire more people to follow those regulations.

But critics say auto loans can be deceptive, and hit consumers with high fees.

Military officials say predatory lending practices may actually affect military readiness.

The Senate bill would create a new consumer protection bureau. This regulatory agency would write and enforce rules tied to the financial products offered to consumers. The White House wants the scope of the agency to be broad, and include areas such as mortgages and credit cards.

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