The number of vehicles canceled from automaker production schedules worldwide due to the shortage now exceeds 2 million, according to AutoForecast Solutions.
As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution last month, all that's left to rescind the controversial guidance is President Trump's signature.
The same week the CFPB celebrated its five-year anniversary, trade groups representing various motor vehicle industries urged U.S. Senators to support legislation that would rescind the regulator’s March 2013 guidance on dealer participation, among other things.
Dealers and lender execs expressed optimism about the year ahead at the industry’s annual get-together, but they admit some trends have them concerned.
Millennials were top of mind at the industry’s annual get-together, and one expert says auto finance represents the gateway drug to financial services for this coming-of-age demographic.
The Consumer Financial Protection Bureau will be holding a field hearing on May 5 in Albuquerque, N.M., to discuss arbitration. CFPB Director Richard Cordray will issue remarks at the hearing
The CFPB won’t lose a key weapon in its auto-lending crackdown, but the court’s 5-4 decision does open the door to challenges in auto finance.
Auto finance sources reveal that they, too, are focused on the customer experience, and say they are ready for what’s expected to be another great year for auto sales.
Industry associations responded this week to a New York Times opinion piece claiming that subprime auto lending is a predatory practice that stands to go the way of subprime mortgages.
The Center for Responsible Lending released findings last week that show negotiation does not help African American and Latino car buyers secure better interest rates on auto loans. Auto trade groups, however, were critical of the study’s findings, claiming it lacks data to support its claims.
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