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SEARCHIllinois Attorney General Lisa Madigan has resumed her effort to limit dealerships' finance profits through distribution of a brochure that calls markups unfair and discriminatory.
Illinois Attorney General Lisa Madigan has resumed her effort to limit dealerships’ finance profits through distribution of a brochure that calls markups unfair and discriminatory.
Last year, Madigan failed to get a tough disclosure bill through the state legislature, reported Automotive News. The brochure seeks many of the same disclosures and urges consumers to ask dealerships to disclose in writing their profit margins and buy rates.
Jerry Cizek, president of the Chicago Automobile Trade Association, said his group and the Illinois Automobile Dealers Association are drafting a disclosure bill that dealers could accept. He told Automotive News that the bill would require such things as disclosure to customers that interest rates are negotiable.
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