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Print In Illinois, a rate cap bill to address racial inequities and predatory lending signed into law in March has pulled automotive financing into the discussion, stirring up a debate among consumer advocates, auto lenders and dealers over consumer access to credit and credit-related products. The measure, known as the Predatory Loan Prevention Act, places a 36 percent interest rate cap on all consumer loans of less than $40,000 and includes guaranteed asset protection products sold on vehicle purchases as part of the interest rate calculation a major detail that makes the law significant for franchised dealers in the state. The all-in APR law borrows heavily from the federal Military Lending Act, which uses the same 36 percent cap for service members and covered relatives but excludes motor vehicle financing from its coverage.

United statesPaul metreyNational automobile dealers associationPredatory loan prevention actMilitary lending actNational automobile dealersLending actஒன்றுபட்டது மாநிலங்களில்தேசிய ஆட்டோமொபைல் விநியோகஸ்தர் சங்கம்ப்ரிடேடரீ கடன் ப்ரெவெந்ஶந் நாடகம்இராணுவம் கடன் நாடகம்தேசிய ஆட்டோமொபைல் விநியோகஸ்தர்கடன் நாடகம்