Auto dealers fight to avoid new regulations
The nation's 18,000 auto dealers are trying to cut themselves a deal in the Senate, seeking exemption from proposed consumer regulations that would police how they write car loans.
The Obama administration is pushing back, using the Pentagon to make the case that soldiers are particularly vulnerable to high interest car loan schemes.
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Source: Auto dealers fight to avoid new regulations
The Obama administration is pushing back, using the Pentagon to make the case that soldiers are particularly vulnerable to high interest car loan schemes.
Quote from the article:
| "If a dealer is acting more as a passthrough between the consumer and the bank, simply adding more burdensome regulations on the dealer will only make it more expensive for the consumer," said Bailey Wood of the National Automobile Dealers Association. Auto dealers, however, still make money from the loans. Consumer advocates argue that's enough to place them under extra scrutiny. The Pentagon has been especially aggressive in opposing an exemption for auto dealers, initiating its campaign after the House agreed to exclude dealers from its bill. In February, Undersecretary of Defense Clifford Stanley wrote to the Treasury saying that nearly three out of four military financial counselors in "informal, nonscientific polling" reported that they advised service members on issues related to abusive auto financing. |
Source: Auto dealers fight to avoid new regulations
