Car dealers hate CFPA
October 20, 2009 | alternatives, federal legislation, industry | Comments (0)From the story:
It turns out that car dealers do a good bit of financing. Now enter Rep. John Campbell, R-Irvine, a former car dealer who is not a big fan of the proposed agency. Campbell will offer an amendment to Frank’s bill, exempting auto dealers from its potentially-weighty thumb. The essential argument is that they’ve had their worst year in decades, they’ve lost 100,000-or-so jobs, and they shouldn’t be kicked while they’re down.
To which a chorus of nearly 40 consumer groups says, “Fie!”
“When you look at state and local consumer agencies on the front lines, auto sales and service is always the No. 1 problem people complain about, year after year after year,” said Rosemary Shahan, president of California’s Consumers for Auto Reliability and Safety. “Everyone and their brother wants an exemption, so car dealers aren’t alone. The question is, are they going to get away with it?”
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