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Valley Public Radio Staff
Business & Economy
Fri August 24, 2012
Buy Here, Pay Here Bills Still Moving Despite Opposition
Three bills that would regulate California’s “Buy Here, Pay Here” used car industry are moving through the State Capitol despite some growing opposition. The critics include several used car dealers associations and some local chambers of commerce.
Former Republican Assemblyman Roger Niello is with the Sacramento Metro Chamber of Commerce. He’s also the owner of several auto dealers. He says efforts to crack down on what the bills’ authors call “predatory lending” would backfire on the very people the legislation is intended to help.
“Rather than guaranteeing that they’re going to have a better loan at a better rate, what it ends up doing is guaranteeing that they have no loan at any rate," said Niello.
Supporters of the measures say the industry wants its customers to fail and needs to be regulated.
The bills face a midnight deadline next Friday to pass their final legislative votes.