The Recreation Vehicle Dealers Association (RVDA) and its allies working to protect dealer-assisted financing are supporting a bipartisan effort to prevent the elimination of consumer discounts.
This week, Reps. Frank Guinta (R-N.H.) and Ed Perlmutter (D-Colo.) introduced H.R. 1737, the Reforming Consumer Finance Protection Bureau (CFPB) Indirect Auto Financing Guidance Act of 2015. RVDA reported in a statement that the legislation would repeal an agency bulletin from 2013 that was designed to pressure lending institutions into eliminating the availability of vehicle financing discounts. These discounts save consumers millions of dollars every year.
RVDA joins the National Association of Auto Dealers (NADA) and others in the vehicle financing industry to support rescinding flawed CFPB guidance that would harm consumers by limiting their ability to obtain financing. RVDA firmly believes that dealer-assisted financing promotes competitive financing rates for consumers and is good for business.
RVDA said that the CFPB’s lack of transparency and accountability has prompted 91 members of Congress to request additional information from the agency on how it arrived at the conclusions it used to justify its original guidance to lenders, but none of these requests have been completely fulfilled, and many have gone unanswered altogether.
The Reforming CFPB Indirect Auto Financing Guidance Act was initially introduced at the end of the 113th Congress and garnered the support of 149 House Republicans and Democrats. RVDA will keep members and the industry updated on this legislation and other actions designed to protect dealer-assisted financing.