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1、外文文献翻译原文及译文标题：TheDealerCompensationProgramsofAutoFinanceMarket作者:KarlFoircster期刊：SocialScienceElectronicPublishing,年份：2016字数：译文3402字原文TheDealerCompensationProgramsofAutoFinanceMarketKarlForresterAbstractInthecurrentindirectautofinancemarket,theconventionalreserveprogramallowsdealerstomarkupth
2、einterestratechargedbyafinancialinstitution.Suchapracticehasledtosignificantdisparitiesinthesurchargeamountbetweenminorityandmajorityborrowers,andhascausedseriousregulatoryconcernsfromtheConsumerFinancialProtectionBureauandtheDepartmentofJustice・Inthispaper,Ibuildasimpledouble-marginalization
3、modelandinvestigatethepossibleimpactsfromthenewflatfeeprogramadvocatedbytheregulatoryagencies・Ifindthatthenewprogramsuccessfullylimitsdealers*marketpowerandreducesinterestratesforminorityborrowers・MajorityboiTowersmaypaymoreunderthenewprogram,whichcansometimesleadtoadecreaseintheoverallconsum
4、erwelfare・Keywords:Fairlending,discriminationinindirectautofinance,dealercompensationprograms,double-marginalizationmodel1INTRODUCTIONIntheindirectautoftnancemarket,carbuyerssubmitloanapplicationstoftnancialinstitutionsthroughcardealers.Theconventionalprogramisusedbymostftnancialinstitutionst
5、ocompensatedealersinthisprocess,underwhichthedealerschoosethecontractingftnancialinstitutionandarefreetomarkuptheoriginalinterestratetoearnextraproftts.Suchapracticehasledtosignificantdisparitiesinthesurchargeamountbetweenminorityandmajorityloanborrowers.Withinlessthanthreeyears,theConsumerFi
6、nancialProtectionBureau(CFPB)andtheDepartmentofJustice(DOJ)haveissuedmultipleconsentordersonthisissuetomajorautoftnancecompaniessuchasAllyBank,HondaFinance,FifthThirdBank,andToyotaMotorCredit.ForexampleintheAllycase,theCFPBandDOJfoundthat,onaverage,approximately100,000African-Americanborrower
7、swereobligedtopay$300moreeachintotalinterestthansimilarly-situatednon-Hispanicwhiteborrowers,andthatftgurewasboth$200forapproximately125,000Hispanicand10,000Asian/PaciftcIslanderboiTowers・Asaresultofthediscriminatoryoutcomesoftheconventionald
