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The man who has led the NADA’s regulatory advocacy efforts since 2006 believes the tide may be turning in the CFPB’s attack on dealer participation.
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The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.
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This week, Penske Automotive’s chairman said that Honda Financial Corp’s new markup cap will still allow dealers to be fairly compensated. He also noted that the dealer group has had markup caps in place for years.
Read More →One day after the CFPB rejected its Freedom of Information Act request to release an internal memo that proves the bureau is targeting dealers, the NADA urged members of the U.S. House Financial Services Committee to pass a bill that would repeal the bureau’s auto lending guidance.
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At the CFPB’s semi-annual report to Congress Wednesday, the bureau’s director praised Honda Finance for setting limitations on dealers’ ability to mark up interest rates on auto loans. But he also fielded questions about whether the bureau is overstepping its jurisdiction.
Read More →American Honda Finance Corp. has launched two digital campaigns promoting its Honda and Acura College Grad program that targets millennial buyers.
Read More →The American Financial Services Association presented Stephen Smith, senior vice president of American Honda Finance Corporation, with the Distinguished Service Award during its 95th annual meeting in Washington D.C.
Read More →A House committee has incorporated the Consumer Financial Protection Agency (CFPA) into a larger financial reforms package, called the Wall Street Reform and Consumer Protection Act.
Read More →The House Financial Services Committee approved a key amendment, 47-21, to keep automobile dealers under the already effective state and federal laws which govern vehicle financing.
Read More →Honda Marine launched a special consumer stimulus package for the summer boating season, offering 4.99 percent APR re-power financing rates throughout the summer.
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