Trump signs law to protect auto loan discounts for consumers

After years of work by NADA and dealers across the U.S., President Trump signed Senate Joint Resolution 57, a measure that preserves the ability of auto dealerships to discount loans to consumers. The effort began several years ago, after the Consumer Financial Protection Bureau (CFPB) issued guidance to auto lenders in 2013. Lenders then pressured dealers to stop offering discounted loans to their customers. S.J.R. 57 protects that ability.

 

NADA continues to encourage dealers to use its fair credit compliance program that can be accessed by clicking here.

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