But nobody complains about rip off car loans..

Automobiles are the most common nonfinancial assets held by American households.1 For most
American households, car ownership is not a luxury, but a prerequisite to opportunity. Cars not
only provide transportation, but also options for where to work and live, and how we interact with
our community. As a result, both the affordability and sustainability of auto financing are central
concerns for American families.
A car purchase can be a complicated endeavor. Negotiations on the sales price, trade-in value, and
financing are all separate transactions. Any of these transactions can have a significant influence on
the vehicle’s overall cost. Unfortunately, not all of these transactions are transparent to consumers.
In particular, on loans made through the dealership, the dealer can markup the interest rate above
what the consumer's credit would qualify for. This interest rate markup, also known as “dealer
reserve” or “dealer participation,” is described by dealers as the way they are compensated for time
spent putting a financing deal together. However, since consumers usually do not know what they
can actually qualify for, the markup is often a hidden cost to the consumer.
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Finding 1: Consumers who financed cars through a dealership will pay over $25.8 billion in
interest rate markups over the lives of their loans. Analyzing 2009 auto industry data, the average
rate markup was $714 per consumer with an average rate markup of 2.47 percentage points. Even
though the number of vehicle sales declined by 20% from 2007 to 2009, total markup volume
increased 24% during this period (from $20.8B to $25.8B) largely due to an increase in the level of
rate markups on used vehicle sales.

Finding 2: Dealers tend to mark up interest rates more for borrowers with weaker credit. As
shown in the chart below, loans made by subprime finance companies have higher rate markups,
and rate markups also increase with lower borrower credit scores. In addition, larger rate markups
occur on loans with longer maturities, loans for used vehicles, and when smaller amounts are
financed. These findings suggest that dealers may use certain borrower or loan characteristics as
a way to identify people who would be vulnerable targets for increased rate markups.

http://www.autonews.com/article/20130515/FINANCE_AND_INSURANCE/305169998/auto-loan-delinquencies-repossessions-rise#axzz2TOtmzBac

Auto loan delinquency rates and repossessions rose in the first quarter fueled largely by an increase in subprime loans, Experian Automotive says.

Experian said auto loans delinquent by 60 days rose 12 percent and repossessions increased 17 percent compared with the first quarter of 2012

Not on a New York residential real estate discussion board, anyway.

Riversider, can you imagine why that would be?