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The Discriminating Road of Predatory Auto Lending

In 2014, the Consumer Financial Protection Bureau found that subprime borrowers of color were paying higher interest rates on cars than white borrowers with similar credit history. On June 10th, the Consumer Financial Protection Bureau decided to extend their overseeing power and include the supervision of nonbank auto finance companies. This new rule will protect up to 7 million borrowers. Black Perspectives Now looks at why people of color are susceptible to predatory lenders, and what you can do to protect yourself on your next car purchase.