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.
All Dealers Should Call Their Senators TODAY to Urge a “YES” Vote for S.J.Res. 57.
Two separate measures are under consideration in Congress to repeal the Consumer Financial Protection Bureau’s (CFPB) deeply flawed and anti-consumer auto financing guidance from 2013 that pressures indirect auto lenders to eliminate the ability of local dealerships to offer discounted auto loans to their customers.
This critical amendment was more than just another tax issue to us. The floor plan loan is the economic cornerstone of the franchised dealership.
Many consumers who purchase new cars or trucks from local dealerships may not realize that the dealership actually owns those cars and trucks, which they purchase directly from the factories. So how are dealerships able to afford keeping an inventory of all of those new cars and trucks on their lots?