Senators Klein & Savino Expose Predatory Subprime Auto Lending Practices in New York

Investigative Report reveals tricky tactics, fraudulent practices and deceptive scams that unscrupulous city car dealers are using to prey on financially vulnerable New Yorkers

 

Queens, NY — Independent Democratic Conference Leader State Senator Jeff Klein (D-Bronx/Westchester) and State Senator Diane Savino (D-Staten Island/Brooklyn) will release, “Road to Credit Danger: Predatory Subprime Auto Lending in New York,” an investigative report exposing the top deceptive subprime auto lending and advertising practices currently happening in New York City. Findings in the report illustrate ways financially fragile consumers — who have no credit, bad credit or live on fixed incomes— are often taken for a ride when they apply for car loans. The deceptive practices could potentially lead to another market meltdown, similar to the subprime mortgage crisis in 2008, without proper state regulation.

 

The report outlines a package of 11 bills that the IDC will introduce to combat predatory auto lending practices in New York State.

 

State Senators Klein and Savino will release the investigative report at the start of a stretch of auto dealerships in Queens that some consumer attorneys have dubbed the “epicenter of the crisis,” across the street from 48-15 Northern Boulevard, on Thursday at 11 a.m.

 

WHO: State Senator Jeff Klein

State Senator Diane Savino

State Senator Jose Peralta

Julie Menin, New York City Department of Consumer Affairs Commissioner

ADA Mary Lowenburg, Queens District Attorney Auto Crime and Insurance Fraud Unit Chief

David Kasell, consumer attorney

Ariana Lindermayer, MFY Legal Services, Inc.

Nube Fernandez, predatory subprime auto lending victim

Tareque Ahmed, predatory subprime auto lending victim

 

WHAT: Senators Klein & Savino release report, “Road to Credit Danger: Predatory Subprime Auto Lending in New York.”

 

WHERE: Across the street from 48-15 Northern Boulevard, Queens, NY 11101

 

WHEN: Thursday, April 30th, 11 AM

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