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Recent Actions by CFPB Will Increase Costs and Decrease Access for New Car Buyers
The Consumer Financial Protection Bureau (CFPB), without public hearing or comment, issued guidance that threatens to eliminate the ability of dealers’ to discount the interest rate offered to consumers to finance vehicle purchases. On a bipartisan basis, Congress has asked the CFPB to disclose the methods, analysis, and studies to justify this policy change. However, the CFPB has ignored Congress’ requests on multiple occasions or offered incomplete responses. Since the CFPB’s actions are likely to raise the cost of credit for consumers, Congress must exercise its oversight role to demand greater transparency from this agency.
• Dealers and NADA strongly oppose any form of discrimination in auto lending.
• The CFPB’s drive to eliminate “meet or beat” financing by auto dealerships is being done without transparency, the opportunity for public comment, or formal rulemaking.
• The CFPB admitted that there was no cost/benefit analysis performed to determine the bureau’s effect on the availability or cost of auto credit.
• Even after multiple bipartisan requests, the CFPB has not provided Congress or the American people essential information about the methodology of its statistical analysis of past transactions.
• To ensure auto credit remains affordable, Congress must exercise its oversight role and compel the CFPB to justify how lessening competition among finance sources for auto loans is beneficial to consumers.