The Center for Responsible Lending is a nonprofit organization that seeks to protect homeowners and those men and women who have inherited some form of family wealth. Often, those men and women who have money choose to invest it. Hence, the Center for Responsible Lending fights all sorts of predatory loan practices.
This specific nonprofit organization focuses on mortgages, payday loans, credit cards, bank overdrafts and automobile loans. It investigates the various reports of predatory lending. It conducts all the necessary research, in order to confirm or refute any such report.
The Center’s members recognize the need for reasonable and practical solutions, as an alternative to those practices that are followed by financial predators. Consequently, those same members do not devote all of their time to attacking the financial institutions that conduct a predatory loan practice. They also develop reasonable and practical solutions. Once those solutions have been developed, they are shared freely with various policy makers.
Naturally, wealthy men and women often want to spend their money on various goods and services. Hence, this Center provides consumers with all types of information, along with calculators and lists of warning signs. It lets them know when it is not safe to go through with a planned purchase. It also examines foreclosure damage and studies the actions of payday lenders.
Car buyers should appreciate the Center’s readiness to shed light on a certain practice, one that represents a dealer’s willingness to take part in what is called a yo-yo scam.
Sometimes, the financing for a vehicle does not get finalized until after the buyer has taken the car, SUV or truck from the dealership. That approach is usually welcomed by the buyers, and dealers can take advantage of the fact. In doing so, each dealer paves the way for introduction of the yo-yo scam, because the guilty dealer later calls the buyer. He calls that unfortunate man or woman to say that the deal cannot be finalized. As a result, the buyer must make a choice.
He or she must either return the purchased vehicle or accept more expensive terms. Neither of those options represents a route the favors consumers. That is why the Center for Responsible Lending seeks to warn those who deal with car dealerships about the existence of that dangerous scam. Those businesses that seek to capitalize on the availability of such a scam cannot be viewed as responsible lenders.