In 2013, despite Congress exempting most auto dealers from the CFPB’s jurisdiction under the Dodd-Frank Act (auto dealers are regulated by the Federal Trade Commission and other agencies), the CFPB issued “guidance” that threatened to take away a consumer’s ability to receive a discounted auto loan in the showroom. This flawed guidance should be disapproved. Access to affordable credit is essential to consumers, and the ability of a dealer to discount credit is often necessary to meet auto buyers’ needs.
Join us in urging Congress to preserve consumer access to auto loan discounts by passing S.J.Res. 57.
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