Automotive News - June 14, 2010 - Intro
Dealer-Assisted Financing is in Jeopardy
House and Senate Conferees on the Wall Street Reform Bill
Rep. Bachus, Ala. Rep. Rush, Ill. Rep. Towns, N.Y. Sen. Shelby, Ala. Rep. Boswell, Iowa Rep. Velazquez, N.Y. Sen. Lincoln, Ark. Sen. Harkin, Iowa Rep. Shuler, N.C. Rep. Berman, Calif. Rep. Moore, Kan. Rep. Watt, N.C. Rep. Issa, Calif. Rep. Cummings, Md. Rep. Kilroy, Ohio Rep. Royce, Calif. Rep. Frank, Mass. Rep. Lucas, Okla. Rep. Waters, Calif. Rep. Conyers, Mich. Rep. Kanjorski, Pa. Rep. Waxman, Calif. Rep. Peters, Mich. Sen. Reed, R.I. Sen. Dodd, Conn. Rep. Peterson, Minn. Sen. Johnson, S.D. Sen. Chambliss, Ga. Rep. Graves, Mo. Sen. Corker, Tenn. Sen. Crapo, Idaho Sen. Gregg, N.H. Rep. Barton, Texas Rep. Biggert, Ill. Rep. Garrett, N.J. Rep. Hensarling, Texas Rep. Gutierrez, Ill. Rep. Maloney, N.Y. Rep. L. Smith, Texas Rep. Meeks, N.Y. Sen. Leahy, Vt. Sen. Schumer, N.Y. Rep. Capito, W.Va.
DEALERS: If your Senator/Representative is a conferee on the Wall Street reform bill, please contact them immediately to support the Brownback/Campbell language to preserve dealer-assisted financing. If not, call your Senators/Representative and ask them to weigh in with the conferees to keep affordable finance options for car buyers. Contact members of Congress through the Capitol Switchboard at 202-224-3121 For a list of conferees, telephone numbers and more information visit: www.NADA.org/KeepCreditAffordable
Key points in favor of the Brownback/Campbell language:
• Conferees should support the Brownback/Campbell language because dealer-assisted financing provides convenience, competition and choices for consumers who rely on affordable credit to meet their transportation needs. • Both the House and Senate have voted on a bipartisan basis to keep in place the sound regulatory structure that has allowed millions of consumers to buy vehicles at competitive interest rates instead of creating an uncertain regulatory regime under a new agency. • Main Street auto dealerships are not banks and didn’t contribute to the financial meltdown. • If adopted, the Brownback/Campbell language keeps every auto loan and every auto finance source that underwrites, funds and/or services a loan (including buy here/pay here operations) regulated by the new agency. • Dealers’ retail financing activity would continue to be effectively regulated by the Federal Reserve Board and the Federal Trade Commission. Dealerships would continue to be subject to all Federal and state consumer protection laws and regulations that currently govern dealer-assisted financing today.