For the second time, the bureau rejected the association’s request for internal documents acknowledging the agency’s intent to regulate the auto finance market through enforcement action, and eschewed evidence that its methods for estimating disparate impact were deeply flawed.
The Chicago-based bank notified dealers in approximately 12 states that it’s refocusing its indirect auto business to its core market states, including Illinois, Wisconsin, Indiana, Minnesota, Kansas, Missouri, Arizona and Florida.
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.
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.
The National Automobile Dealers Association filed a Freedom of Information Act request Monday, seeking to make a Consumer Financial Protection Bureau memo about limiting dealer discretion public.
BB&T Bank’s dealer finance arm announced today that it is switching to a flat fee compensation model that eliminates dealer markups on retail installment sales contracts, effective July 1.
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