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Article: Automotive lenders root for reform bill.(Insight)(bankruptcy reform)
- Article from:
- Automotive News
- Article date:
- November 11, 2002
- Author:
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Harry Stoffer
From one side of their mouths, auto lenders hawk cheap loans like carnival barkers. From the other side, they call for bankruptcy reform, to make sure that customers in financial trouble pay back all that they borrow.
A pending overhaul of the nation's bankruptcy laws, debated for nearly five years and now close to a final vote in Congress, would help automotive lenders do just that - collect all that is owed to them.
President Bush has indicated that he will sign the legislation if lawmakers get it to him. President Clinton pocket-vetoed a similar bill in December 2000 just before leaving office.
The key ...