A few observations:
1. I am a bit surprised that discriminatory lending practices are still happening even today.
2. Toyota, Hondas, and GM financing units were caught.
3. The ability for dealers to mark up loans is an example of how the agent (sales person trying to “help” you buy a car) is not acting on your behalf. You would prefer no markup. The agent would prefer maximum markup.
4. The government agency that caught Toyota et al.is a result of the Dodd-Frank regulation. Sometimes regulation helps.
5. Consider financing your purchases through your credit union. I don’t believe credit unions add any “mark up” to loans. I believe their rates are based solely your credit profile, not your race or ethnicity.
6. Perhaps you can ask your dealer to disclose if there is any markup on the rates. If they refuse to document the amount of the markup in writing then walk away from the deal. Tell them Dr. Moore said its better for the consumer to have transparency in their transactions.