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CFPB Ruling Could Adversely Affect Dealers and Consumers

2013-03-26 21:21:43| AutomotiveDigest.com - Automotive Industry News

Auto dealership advocates are warning that costs will rise for borrowers if the Consumer Financial Protection Bureau presses banks to curtail auto loan markups determined by dealers. The warning followed the CFPB's bulletin this week that said banks are responsible for discrimination if their partner dealers mark up the interest rates on loans for minority borrowers or engage in other fair lending abuses. The agency is encouraging lenders to adopt a flat-fee model for dealer compensation. But dealer industry representatives said doing so would hurt competition and ultimately boost car prices. Dealer industry representatives, concerned about the new CFPB ruling, encouraging lenders to adopt a flat-fee model for dealer compensation, said doing so would hurt competition and ultimately boost car prices. [Read more]The Article CFPB Ruling Could Adversely Affect Dealers and Consumers appeared first on Automotive Digest.

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