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NY Department of Financial Services cracks down on dealer markup

The agency found that the dealers violated NY's fair lending law

Marcie Belles

The New York Department of Financial Services has sanctioned two banks for allowing dealer markups on auto loans, yet auto dealers regularly raise manufacturer’s suggested retail prices (MSRP) without penalty. Last month, Adirondack Trust Co. and Chemung Canal Trust Co. were rung up by NYDFS for violating New York’s fair lending law by engaging in […]

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