Responding to pressure from increasing scrutiny from the CFPB, NADA has finally responded with a 20 Guidelines on how to ward off the Fed’s intervention.
The Drill-Down Details:
- NADA is recommending changes in how auto loans are done
- Potential Reg crackdown has prompt new loan standards by dealers
- Dealers encouraged to set loan standards, but can meet competition
- NADA and dealers think they found a way to deal with CFPB concerns
- Dealers would have less authority to determine such charges
- Recommendations could raise the cost of interest for minorities
- 20 pages of detailed guidelines seeks to reduce the risk of discrimination
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