FTC roundtable focuses on auto industry financing

A roundtable discussion next month, hosted by the Federal Trade Commission, will be tasked with finding out customers' experiences when it comes to the financing of commonly purchased vehicles such as SUVS, cars and light trucks. In a statement, the FTC said that it would be hosting the free event, which is open to the public, on April 12 at Wayne State University Law School in Detroit, Michigan, which is partnering with the government agency as a host. In addition to members of the FTC, there will also be industry experts who will be able to answer questions. The agency is also letting people submit an application on its website to be part of an expert panel through email. The FTC said the event was necessary because of new issues faced by consumers, who have a variety of financing options at their disposal. The pros and cons of different avenues will be discussed during the public event, and will hopefully shed light on what can be an extremely difficult issue for those unsure of how to get the best possible deal on auto industry financing. "For many consumers, buying or leasing a car is their most expensive financial transaction aside from owning a home," the FTC said in an official release. With prices averaging more than $28,000 for a new vehicle and $14,000 for a used vehicle from a dealer, most consumers seek to lease or finance the purchase of a new or used car. Financing obtained at a dealership may provide benefits for many consumers, such as convenience, special manufacturer-sponsored programs, access to a variety of banks and financial entities, or access to credit otherwise unavailable to a buyer." The FTC has been making other headlines recently when holding roundtable discussions. In another recent statement the agency said that it would be holding an event at the FTC Conference Center in Washington, D.C., to discuss consumer privacy concerns on March 17, 2010. The final part of its Privacy Roundtables, the event will be open to the public and free, and pre-registration is not required to attend the event.