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Gary City committee asks staff to research limits on auto-loan interest after dealership concerns
Summary
At a Gary City committee meeting, members asked staff to research whether the city can adopt rules limiting high interest rates on auto loans amid concerns that approving more dealerships could increase predatory lending.
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…
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