FTC to Hold First Roundtable to Address Consumer Issues in Motor Vehicle Sales and Financing (and Update)

On Tuesday, the Federal Trade Commission will host the first in a series of roundtables around the country to gather information on consumers’ experiences when buying, financing, or leasing motor vehicles. The first roundtable will focus on consumer protection issues related to sales and financing of consumer vehicles – cars, SUVs, and light trucks. The event will be held on April 12, 2011, at Wayne State University Law School in Detroit, which is co-hosting the event. The Agenda, listing participants, can be found here. UPDATE (4/14/11):  Our sources report that industry members attempted to explain the basics of vehicle finance.  Consumer advocates discussed dealer discretion to set the APR, and complained that consumers are not told that those rates are negotiable.  Ancillary products and add-ons were discussed a length by industry and consumer representatives, as well as the cost-and-benefit to consumers.  Future topics will discuss SSCRA issues, ECOA, and leasing, but the FTC gave no indication of when the next Roundtable will be or where.