NADA showcases consumer voice in auto financing campaign
The stories of consumers who saved money by financing through dealerships are at the center of NADAês campaign to showcase the economic value of dealer-assisted financing.
Through video testimonials and a new public website, www.nada.org/autofinance, NADA is bringing the voices of consumers back into the debate. The association has been fighting to preserve the current competitive financing model since it came under threat from the Consumer Financial Protection Bureau (CFPB) in 2013.
Consumers save money every day when they finance through dealerships, but that truth is getting lost in Washington, and that needs to change, said NADA President Peter Welch. NADAês current initiative highlights dealersê ability to shop a customerês credit application to many lenders and to discount their rates to the consumer to meet or beat a competing credit offer.
Most consumers know that financing is available at their local dealership, but what many donêt know is that dealer-assisted financing usually saves them money, Welch said. NADA is pushing for the CFPB to include an analysis of the economic impact on consumers when it works to eliminate or restrict dealer discounting.
A bipartisan bill supported by NADA, HR 1737, would promote transparency at the CFPB to ensure that its policies do not unintentionally hurt consumers. House Republicans have indicated that the bill may come to the floor for a vote in the coming weeks.Download Bulletin PDF