NEWS & EVENTS
Minorities Pay More for Auto Loans

Michelle Singletary, personal financial columnist for the Washington Post, wrote a May 10, 2007 story about the disparity in car loan rates for blacks vs. other races based on data from the 2004 Survey of Consumer Finances (SCF). The data show that median rates on loans for both new and used cars were highest for blacks and lowest for whites. The data also show that blacks were more likely than other auto buyers to have an interest rate of 15 percent or more. The story also appeared in the Lawrence Journal World (Kansas), Black Enterprise, Political Affairs, Pueblo Chieftain, The State (SC), the News Journal (Delaware), and WTOP News (DC).