Filed under: Car Buying, Government/Legal
In 2010, the Federal Trade Commission received 1,339,265 complaints. According to the National Automobile Dealer’s Association, less than one percent of those complaints were related to new or used auto sales. That relatively low number (compared to the 250,854 people who complained of identity theft) has NADA upset over the government’s decision to pursue the creation of an automotive lending consumer advocacy agency.
NADA has given its official support to the congressional Republicans who are looking to put the clamps on this new oversight group.
This agency will be formed as part of legislation that seeks to simplify auto loan disclosure forms, and the entire process of borrowing money to obtain a new set of wheels. On the contrary, NADA believes this advocacy agency could lead to financing abuses related to the level of power granted to those in charge.
NADA and banks working to curb new federal oversight efforts originally appeared on Autoblog on Wed, 25 May 2011 17:32:00 EST. Please see our terms for use of feeds.
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