MCLEAN, Va. -- The American Financial Services Association (AFSA), the Consumer Bankers Association (CBA), and the National Automobile Dealers Association (NADA) have all come out in favor of a voluntary disclosure to consumers that their APR may be negotiable.

The groups, which represent the bulk of U.S. companies involved in automobile financing, hope to increase consumer understanding of the process.

"Our goal is to continue to build consumer trust," said NADA Chairman Charley Smith. "And to do so, we must, as an industry, recognize the need for greater transparency in dealer-assisted financing."

"We want to help ensure that consumers are satisfied with the auto buying and financing process. This disclosure will help promote that and is part of our broader effort to promote financial literacy," added Joe Belew, president of CBA.

This call for disclosure comes on the heels of last year's joint effort by the Federal Trade Commission and the AFSA Education Foundation to produce and distribute a brochure detailing the dealership financing process. The brochure, which is also available in Spanish, includes common vehicle financing terms and a worksheet to allow consumers to comparison shop among different creditors.