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Consumer groups applaud the Consumer Financial Protection Bureau (CFPB) effort to improve the collection and dissemination of auto finance data as part of its efforts to monitor the auto finance market for risks to consumers. The CFPB should:
Auto credit and cars in general have an enormous impact on the majority of households, and auto credit is the third largest consumer credit market in the United States. Yet publicly available data is minimal and often excludes important portions of the marketplace and important details of the transactions—details that impact performance of the credit…
Read More about Coalition Comments to CFPB regarding Collection of Data from the Auto Finance Market
In comments submitted by the Americans for Financial Reform Education Fund, Consumer Action, Consumer Federation of America, Consumers for Auto Reliability and Safety, Center for Responsible Lending, National Association of Consumer Advocates, National Consumer Law Center, on behalf of our low-income clients, UnidosUS and U.S. PIRG, we applaud the Consumer Financial Protection Bureau (“CFPB” or…
Cars are essential for most households in the United States, but access to a safe, affordable vehicle is increasingly limited for many consumers by sharply rising prices, burdensome accompanying debt obligations, and problematic dealer practices. The cost of a vehicle represents such a significant proportion of many American households’ total annual income that over 88% of new car purchases and 45% of used car purchases are financed.
Letter to Federal Trade Commission re: Motor Vehicle Dealers Trade Regulation Notice of Proposed Rulemaking- FTC-2022-0046-0001, Federal Register No. 2022-14214.
With this letter, we hope to draw the Board’s attention to a discrete way in which the Board’s actions may be encouraging a particularly abusive tactic by automotive dealers, harming Colorado consumers. The basic issue has to do with DR 2434, the state-mandated form that dealers must use for every sale.
Read More about Group Letter to the Colorado Motor Vehicle Dealer Board