Page A8
<r‘K ^Jortlanh (©bseruer
December 22. 2004
Opinion articles do not
necessarily reflect or represent the
views o f The Portland Observer
O pinion
Buyers Beware
of Markups
by J udge G reg M athis
T he P ortland O bserver
Buying a car can either be a
pleasurable or stressful occur
rence. There is one thing, how
ever, that is usually never fun -
paying the d ea le r m arkup.
Dealer markup is a fact of car
buying life but how much one
pays and who pays what is
som ething that is subject to
change depending on the sales
man and the purchaser.
In fact, The Consumer Fed
eration of America reported that
people of color are bei ng charged
as much as $ 1 billion annually in
undisclosed finance markup
charges. The numbers for white
Am ericans are substantially
lower.
Dealer discretion is the chief
reason behind the grow ing
markup disparity. A study of
lawsuits against General Mo
tors Acceptance Corporation
(GMAC) revealed that markup
costs imposed upon minority
buyers were as high as $26,0(X)
in some cases. This markup was
in addition to the cost of the car
and the bank-charged interest.
What makes this situation even
more obscene is that markups
(in theory) are linked to one’s
creditw orthiness and should
vary by a few percentage points.
When consum ers pay 22.75
percent m arkup - th ere’s a
problem.
States recognize this problem
and there are a growing number
r>o 1 have
of them that are beginning to
enact legislation to limit the
amount dealers can get from
consumers. From liat fees to
percentage caps, states are
starting to ensure that consum
ers are ( more (fully apprised of
their rights and where their
money is going.
This legislation is essential
because the way the system is
currently set up, the worse off
the consumer is, the better off
the dealer is. Therefore, it is in
the dealer’s best interest to |
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give the consumer a bad deal.
And, more often than not, it is
minority consumers who get
the high end of the markup rate
stick.
Minority consumers must be
come aware o f the fact that
• >* *
they can negotiate their inter
est rates. They don’t have to j
IM M M M M M M N M N I
accept whatever high and dis
criminatory rate offered them
by various dealerships and !
salespeople.
By increasing knowledge |
about what options are avail- j
You may wish to be mindful o f who you patronize relative to their election cycle political donations, as reported by the Center
able and what rates are com fo r Responsive Politics. Be aware which corporations helped re-elect Bush and vote with your pocketbook:
petitive, minority car buyers can
begin to shift away from deal
I’ricvt luh/( ostco $225K, o f which 99 percent went to Democrats
WalMart $467K, 97percent went to Republicans
ers that take advantage of
Rite Aid $5\7K. 60% to Democrats
K-Mart $524K, 86 percent to Republicans
people of color and to those
Magla
Products
(Stanley
tools,
Mr.
Clean»,
$22K,
100%
to
Democrats
Home Depot $298K. 89 percent to Republicans
that do right by them.
Martha Stew art $ 153K, 99% to Democrats
Judge Greg M athis is
Target $226K, 70 percent to Republicans
1
Vote Your Pocketbook
oz
£ C ,
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chairman o f the Rainbow
PUSH-Excel Board and a
national board member o f
the Southern Christian Lead
ership Conference.
l
EsteeI.auder $448K, 95% to Democrats
Circuit City Stores $261K, 95 percent to Republicans
Guess? Inc. $ 145 K, 98% to Democrats
3MCo. $281K, 87percent to Republicans
CalvinKlein
CZ3
100% to Democrats
Hallmark Cards $319K, 92 percent to Republicans
LizClaibome $34K, 97% to Democrats
Amway $391K, 100 percent Republicans
Levi Straus $26K, 97% to Democrats
Kohler Co. $283K, 100percent Republicans
B.F.(¡oodrich $215K, 97percent to Republicans
Proctor & Gamble $243K, 79percent to Republicans
I riarcC o m p an ies (Arby’s,T.J.Cinnamon's,PastaConnections),$l \2K,96percent to Democrats
ie give payday advances
checks cashed
Post-dated checks cashed and held until payday
£’■> Checks cashed (any kind -- m
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last s e r v ic e s linesNow rales
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Pilgrim’s Pride Corp, (chicken), $366K, 100percent to Republicans
Outback Steakhouse $641K, 95 percent to Republicans
1 ricon G lobal R estau ran ts (KFC, Pizza Hut, Taco Bell ), $ 133K, 87 percent to Republicans
WalTIc H ouse $279K, 100 percent to Republicans
McDonald’sCorp. $ 197K, 86 percent to Republicans
D arden R estau ran ts (Red Lobster, Olive Garden, Smokey Bones, Bahama Breeze),
$ 121K, 89 percent to Republicans
SPIRITS
Joseph^}. Seagrams & Sons
Hyatt Corporation
(includes beverage business plus considerable media
interests), $2M+, 67 percent Democrats
$ 187K. 80percent to Democrats
(iallo Winery
$337K, 95percent to Democrats
Marriott International
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$323K, 81 percent to Republicans
C oors
$ 174K. 92 percent to Republicans
Holiday Inns
Brown-Forman Corp.
(Southern Comfort. Jack Daniels, Bushmills, Korbel wines -
as well as Lenox China, Dansk, Gorham Silver), $644K,
$38K. 71 percent to Republicans
80 percent to Republicans
THE
SPINAIÇOLUMN
Dr. Billy R Flowers
WESTERN
UNIO N
TRAVEL
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