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Consumer news is big news here at the Los Angeles Times Business section. As the weekend begins, be sure to check out our latest story on the Buy Here Pay Here industry. Many of you read Ken Bensinger’s brilliant three-part series last fall on the used-car segment known as Buy Here Pay Here, which caters to working-class people who need a car to get to their jobs – but don’t have the income or good credit to get conventional auto financing. Buy Here Pay Here dealers finance the sales themselves, assuming the risk of a default, but they also charge interest rates of up to 30% and are quick to repossess – and resell – the car when payments are late. Now, in response to our series, state lawmakers are planning to take action. Below, an ad for a Buy Here Pay Here dealer.
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