At a Gary City committee meeting, members asked staff to research whether the city can adopt additional regulations aimed at limiting “exorbitant” interest rates on auto loans, and said the topic will be brought to the Gary City Council on June 17, 2025.

The matter arose after committee members raised consumer-protection concerns tied to expanding the number of auto dealerships in the city. "It may not be and it may not be here within planning and development, but just as a city, if we are, approving, inviting more auto dealerships, that may grow as a concern for our community," a committee member said.

A staff member said the city can review whether current lenders are complying with applicable laws and look into what additional rules the city might enact. "We can do research to see if we can put any additional regulations in place about, you know, exorbitant, interest rates or that kind of thing," the staff member said. The same staff member added, "We'll get together on research and come back to you with an overview of what we may be able to do to try to protect people from predatory lending in the city." The staff member also made a light-hearted remark about a colleague named Marco, saying, "Marco works his **** off all the time."

Committee members did not specify particular ordinance language, dollar thresholds, or a timetable for drafting any regulation during the discussion. The staff direction was limited to researching the city's options and returning to the committee with findings.

Committee business on the topic will be placed on the Gary City Council agenda for the June 17, 2025, meeting, a committee member said. The meeting concluded on a motion to adjourn by Hollabird.

The discussion focused on whether local regulation could address high interest rates associated with auto loans and on the potential for increased dealership approvals to worsen consumer-protection risks. No formal regulatory change or ordinance was proposed or adopted at the committee meeting; the next step is staff research and a future Council agenda item.