A recent article by employees of the New York Federal Reserve Bank’s Research and Statistics Group provided an update (of sorts) on the state of auto lending at the end of 2018.
The goal of federal fuel economy regulations shouldn’t just be the highest possible standards, but rather the highest standards the industry can achieve while keeping new vehicles affordable.
If there is strength in numbers, America’s franchised auto dealers are stronger than ever, as nearly 500 dealers and dealer association executives representing all 50 states gathered in the nation’s capital this week for NADA’s annual Washington Conference and Congressional fly-in.
NADA Refutes Grossly Inaccurate, Misleading and Unethical NPR Report on Voluntary Protection Products
On Monday, Aug. 13, 2018, National Public Radio (NPR) aired a story about the Military Lending Act that was riddled with inaccuracies, false statements and misleading claims about the voluntary protection products that millions of consumers have chosen to purchase at franchised new-car dealerships.
Our program helps dealers to offer competitive rates to our customers while abiding by the nation’s fair credit laws. It’s good for our customers, good for our businesses, and implementing it is the right thing to do.
President Trump signed into law S.J. Res. 57 – a measure passed by Congress to reject a Washington bureaucracy’s rule which could have eliminated the ability of car dealerships to discount loans for their customers.
Today’s vehicle financing model is extraordinarily efficient and competitive and provides access to affordable credit to consumers in all credit tiers.
My fellow dealers, we are on the 2-yard line. And if we can get the ball across the goal line, our efforts to finally rescind this deeply flawed and anti-consumer CFPB guidance will have at long last have paid off.
Yesterday, by a bipartisan vote of 51-47, the Senate approved S.J.Res. 57, which rescinds the Consumer Financial Protection Bureau’s (CFPB’s) flawed auto finance guidance.