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So after further reading of the house bill, plus a helpful e-mail from Bailey Wood over at the National Auto Dealers Association, it appears that buy here, pay here auto dealers will be covered by the Consumer Financial Protection Agency if they routinely make auto loans directly to consumers. That's good news, because it means buy here, pay here lenders won't be getting any special auto loan advantages over conventional auto dealerships.

That said, it's hard to tell whether this exemption will make it into the final bill. On a conference call today, Austan Goolsbee, staff director and chief economist on the President's Economic Recovery Advisory Board, said, "We should be trying to have as few carve-outs as we possibly can. Now as they come out of the legislative process, we'll see where things stand."

I'll keep you posted as I find out more about how financial regulation will end up impacting car buyers.