First, the paper points out the problems of auto dealers getting a quote for say, eight percent, but telling the customer the bank approved them for ten percent. The dealer keeps the spread. Professor Cohen argues this impacts minorities in particular.
Secondly, we have hired Professor Cohen in several multi million dollar truck wreck cases as an economist and he is perhaps the most credible and knowledgeable expert witness we have ever used. He truly knows his stuff.
When his paper comes out we will post a link to it as I’m sure it will be very well written and possbily expose this unsavory practice of lying to customers about what the interest rate they were approved for.
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