May 6, 2010 The Honorable Harry Reid The Capitol, S-221 Washington, DC 20050 Dear Senator Reid: As members of Americans for Financial Reform, a coalition of more than 250 consumer, labor, investor, community, civil rights and business groups, we write to you today to ask
Read the full editorial here. It’s a springtime sales event for America’s auto dealers. Over the next week or so, they’ll toil feverishly to close deals — not with car buyers, but with members of the Senate in an effort get dealerships exempted from consumer protections
Oppose the Brownback amendment to exempt auto dealers from the CFPB. Data from several nationwide cases against the major auto lenders settled by the National Consumer Law Center and co-counsel from 2003 to 2007 showed widespread racial disparities, unrelated to credit risk, in the markups added by
Car Dealers Are Lenders/Creditors When the Consumer Gets both the Car and the Financing from the Dealer See this PDF for an example of a car loan. For the millions of consumers who get both the vehicle and financing at the dealership, auto dealers are “creditors.”
Auto dealers are heading to Capitol Hill seeking a special carve-out from the “Restoring American Financial Stability Act of 2010” (S. 3217), which aims to put an end to the reckless practices of Wall Street and the abusive and discriminatory tactics by finance companies of
The Military Coalition, a consortium of nationally prominent military and veterans organizations representing more than 5.5 million current and former service members and their families, has written to Senator Dodd and Senator Shelby about the need for better protections against auto dealers and their lending
NPR’s Morning Edition ran this story about the exemption for auto dealers in the Consumer Financial Protection Agency (CFPA). AFR opposes this exemption, and belives auto dealers should be overseen by the CFPA. (The CFPA would be created by H.R. 4173, the Wall Street Reform
The National Association of Consumer Advocates (NACA) explains why auto dealers must be covered by the Consumer Financial Protection Agency (CFPA). Download this information as a PDF. While the vehicles themselves have never been better, predatory auto sales and financing practices have never been worse.
Americans for Financial Reform and our partners sent this letter (PDF) to Senators Dodd and Shelby this week regarding the need to treat auto dealers the same as other lenders under the CFPA: On behalf of our organizations we commend the Chairman’s introduction of a