House Repeal of CFPB Auto Lending Guidance Good News for Dealers
With today's vote, Congress stands with dealers and their customers
Alexandria, VA — May 8, 2018 — The American International Automobile Dealers Association (AIADA) today applauded the United States House of Representatives’ passage of a joint resolution annulling the Consumer Financial Protection Bureau’s controversial auto lending guidance, which sought to limit a consumer’s ability to receive a discounted auto loan from a dealer. The resolution, already passed by the Senate, will now go to President Trump’s desk for his signature.
“Today’s vote by the House is a reminder that our government can still stand up for the little guy,” said AIADA President and CEO Cody Lusk. “Auto dealerships are primarily small family businesses, and never should have been targeted by the CFPB, which has strayed from its mission of regulating massive Wall Street financial institutions. Today’s vote allows dealers to return to offering their customers more competitive financing choices and opportunities.”
America’s 9,600 international nameplate auto dealers, the majority of which are family-owned businesses, employ more than 577,000 Americans, resulting in a payroll of $32 billion and an additional 527,000 indirect jobs. Last year, they sold 8.4 million vehicles to American consumers—59% of total U.S. retail vehicle sales. For more on the impact of America’s international nameplate dealers on our economy visit AIADA.org/our-impact.
Established in 1970, AIADA is and continues to be the only association whose sole purpose is to represent America’s international nameplate automobile franchises that sell and service the following brands: Acura, Aston Martin, Audi, Bentley, BMW, Ferrari, Genesis, Honda, Hyundai, Infiniti, Jaguar, Kia, Land Rover, Lexus, Maserati, Mazda, Mercedes, MINI, Mitsubishi, Nissan, Porsche, Rolls Royce, Scion, Smart, Subaru, Toyota, Volkswagen, and Volvo. These retailers have a positive economic impact both nationally and in the local communities they serve, providing more than 500,000 American jobs. Visit AIADA online at www.aiada.org.
Libby Newman, NewmanL@aiada.org, 703-519-7800