Tue 15 May 2007
Car shoppers usually arrive at the car lot determined to negotiate the best price on a new or used car. But no matter what price they finally arrive at, African-American car buyers usually end up paying more in interest charges when they sign the loan papers.An analysis of the Federal Reserve Board Survey of Consumer Finances data, conducted for the Consumer Federation of America, finds African-Americans typically pay a higher interest rate on car loans that white consumers, and that this “rate gap” is increasing.