Lawyers Suing Ford Credit Claim Hispanics Charged Higher Rates - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
LinkBack Thread Tools Display Modes
post #1 of 1 (permalink) Old 06-21-02, 12:45 AM Thread Starter
Mr. Embargo
Join Date: May 2001
Location: Embargoland
Posts: 3,745
Lawyers Suing Ford Credit Claim Hispanics Charged Higher Rates

NEW YORK, June 20 ( — Attorneys suing Ford Motor Credit issued a report today accusing the lending unit of Ford Motor Co., of charging Hispanic buyers higher interest rates than non-Hispanics — a report that was immediately blasted by a Ford Credit spokesman.

That’s according to a story issued today by Knight Ridder’s Washington Bureau.

The lawyers suing Dearborn, Mich.-based Ford Credit paid a researcher to examine more than six million car loans made by the lender between 1997 and 2001, which they claim showed that Hispanic buyers — regardless of their credit history — paid significantly higher interest rates than non-Hispanics. The difference averaged approximately $266 more per loan, according to the report.
Dan Jarvis, a spokesman for Ford Credit, denied the allegations, claiming the study was seriously flawed and subjective, and added that the company will issue a response next week.

The suit brought against Ford alleges the company fraudulently conceals markup costs from buyers and "directs the dealerships to maintain this practice in secret." It also claims Ford failed to monitor or remedy the alleged discriminatory effects of the markup policy and failed to adequately train dealers about complying with federal fair lending laws.

RPO83 is offline  
Sponsored Links

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News
Gear in this thread - Powered by O'Reilly Auto Parts

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode

Similar Threads
Thread Thread Starter Forum Replies Last Post
U.S. Ford leadership depth critical to turnaround Stacy94PGT Ford Worldwide News 0 06-15-03 05:17 AM
FORD TOUGH: The pressure's on for Bill Ford Jr. to finish first Stacy94PGT Ford Worldwide News 0 06-10-03 05:52 AM
'Henry had the dream' Stacy94PGT Ford Worldwide News 0 03-28-03 06:58 AM
A CENTURY OF VISION: Fords built city, changed the world Stacy94PGT Ford Worldwide News 0 03-12-03 08:17 AM
Ford Product-Led Transformation: 2003 RPO83 Trans | Driveline 0 07-22-02 07:48 AM

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

For the best viewing experience please update your browser to Google Chrome