Auto Makers’ Lending Practices Probed
The Justice Department and the Federal Trade Commission are investigating whether the finance operations of auto manufacturers are discriminating against minorities in their lending practices.
Ford Motor Co., Chrysler Corp. and General Motors Corp. said Monday they were cooperating with federal investigators but would not discuss details of the inquiry.
The companies stood behind their lending policies.
“We have a longstanding policy at Ford of equal opportunity lending,” said Ford Motor Credit Co. spokesman Nick Sharkey. “We believe our lending practices support that policy.”
A spokeswoman for General Motors Acceptance Corp., Dayna Hart, said the finance arm of the nation’s largest automaker supports “fully equal credit opportunity for everyone.”