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HR0679 |
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LRB093 21230 HSS 47467 r |
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| HOUSE RESOLUTION
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| WHEREAS, According to Federal Reserve data, in 2001 |
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| Americans owed more than $500 billion in outstanding auto loans |
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| and paid close to $45 billion in interest on these auto loans; |
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| and
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| WHEREAS, According to the Consumer Federation of America, |
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| in their 2003 Report, "The Hidden Mark-up of Auto Loans," |
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| African-Americans and Hispanics pay higher finance interest |
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| rates than other borrowers; and
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| WHEREAS, Discrepancies in finance rates between |
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| African-Americans and Hispanics and other consumers cannot be |
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| explained by difference of creditworthiness; and
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| WHEREAS, In 2001, DaimlerChrysler ranked third among the |
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| top ten companies in auto finance; and
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| WHEREAS, Data shows that the average annual rate of |
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| interest on vehicle loans for African-American and Hispanic |
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| households is higher than that of other households; and
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| WHEREAS, 35 percent of African-American households held |
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| auto loans averaging a little more than $15,000 at an average |
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| interest rate of a little more than 10 percent; thus paying |
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| approximately $6 billion in interest annually; and
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| WHEREAS, Elected officials and civic leaders in Chicago and |
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| Cook County have called for a nationwide boycott against |
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| DaimlerChrysler as a result of racial discrimination that |
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| included systematic denial of financing to African-Americans |
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| at two local dealerships in Chicago neighborhoods and making |
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| racially insensitive remarks by corporate executives and |
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| employees; therefore, be it
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