You are correct. There is a huge loophole in the legislation. I suspect it was deliberate. Any national bank will be able to exploit it, not just Chase.

Unfortunately, all complaints about national banks are forwarded to the Office of the Comptroller of the Currency. The OCC has been heavily lobbied by the American Bankers Association for years and does not represent consumer interests.

An interesting interview about this can be found at:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/interviews/mierzwinski.html

I suggest everybody does their best to get the word out. Write to your representatives in Congress and post comments on the web, everywhere you can. We must counter the intense disinformation campaign that the media is waging, funded by Chase advertising revenue. Otherwise, Chase will win, because it is counting on everyone who has not been immediately affected by this abuse to forget about it – until it happens to them.

Since Chase has a rapacious appetite that should not be long. Chase’s abuse of the derivatives market is bound to create yet another fiasco, before long. Chase has already gotten another 5 billion dollars of taxpayer money to fund the next round.

Consumer Groups Call on Chase Bank to End Minimum Payment Hikes on Fixed Rate Credit Cards

http://www.commondreams.org/newswire/2009/09/09-9

I also have a company car. 2005 Nova. Same size vehicle. Comparitively stripped. Employer Paid 22,200 in June 05 with his fleet discount.

It is a fraction of the car with a fraction of the warrenty.

I drive them both. I know.

This is why American cars don’t sell. Poor Value. Poor Quality.

Not too surprising.

By the way Steve, I did not buy a brand. I bought the best car for the money after 3 weeks of shopping every model. I think most buyers do the same.

I drove all the full size cars. Nothing came close in value. I offered more money to several dealers for american vehicles, but the gap was not a sliver, it was a ravine.