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NADA Files Second Request for Internal CFPB Documents

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Ally Financial Named Mitsubishi’s Preferred U.S. Auto Lender

Ally Financial Inc., the former lending arm of General Motors, will become the preferred financing source for Mitsubishi Motors Corp. in the U.S, reported Bloomberg. Ally will replace Mitsubishi’s captive finance company and provide lease and retail financing and insurance offerings at about 380 Mitsubishi dealerships, the Detroit-based bank said Monday in a statement. Terms ... Read More »

DOJ, N.Y. Regulator Subpoena Capital One

By: Gregory Arroyo MCCLEAN, Va. ─ Add Capital One to the growing list of finance sources that have received subpoenas from state and federal regulators regarding subprime auto finance originations and securitizations. According to a Feb, 24 regulatory filing with the Securities and Exchange Commission, the finance source received subpoenas from the New York District ... Read More »

Bill to Rescind CFPB Auto Lending ‘Guidance’ Gains Support in Congress

WASHINGTON – More than 400 new-car dealers and dealer association executives from across the country traveled to the nation’s capital last week urging lawmakers to support a new bipartisan bill that nullifies the Consumer Financial Protection Bureau’s flawed “guidance” on auto lending (NADA). H.R. 5403 – Reforming CFPB Indirect Auto Financing Guidance Act – sponsored ... Read More »

NADA Supports Bipartisan Effort to Reform CFPB Auto Lending Guidance

WASHINGTON – America’s new-car dealers convene on Capitol Hill this week to urge Members of Congress to cosponsor H.R. 5403—the Stutzman-Perlmutter bill. The National Automobile Dealers Association is urging Congress to pass a new bipartisan bill (H.R. 5403) that nullifies the Consumer Financial Protection Bureau’s flawed guidance on auto lending and requires more transparency and ... Read More »

Industry Responds to New York Times Op-Ed on Subprime Auto Loans

Recent reports that the Department of Justice (DOJ) is looking into the subprime auto finance market have spurred a discussion about whether such loans will go the way of subprime mortgages. According to a New York Times op-ed piece published Friday, predatory auto loans have been a growing problem — but industry associations have stepped ... Read More »

House Committee Votes to Repeal CFPB Auto Lending Guidance

Bank Eliminates Dealer Markup, Cites CFPB Guidance

Car Lenders Ease Credit Standards and Terms to Spur Loans

Notable Growth for Subprime Originations, Equifax Reports