Sam Brownback wants to exempt Krazy Kars from new consumer rules

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Because no one’s ever been ripped off during a car purchase, U.S. Sen. Sam Brownback of Kansas wants to exempt automobile dealers from new consumer protection rules.

The Wall Street Journal reports that Brownback plans to introduce an amendment to the financial overhaul bill.

The National Automobile Dealers Association cheers Brownback’s effort. The lobby says car loans did not create the credit meltdown. The industry also notes that the banks that underwrite and service car loans would be subject to the new Bureau of Consumer Financial Protection.