Editor’s Note: The following is an alert to members from the Recreation Vehicle Dealers Association (RVDA) concerning dealer-assisted financing.
Changes in dealer-arranged financing sought by the Consumer Financial Protection Bureau (CFPB) could hurt consumers, according to 35 congressional Republicans.
Rep. Spencer Bachus of Alabama and 34 other GOP representatives said CFPB guidance issued to lenders earlier this spring could raise borrowing costs and hurt sales. For a copy of the letter, click here.
“The controls strike us as onerous and unrealistic,” the letter said, “and restricting consumer choice is highly problematic.” Among those signing the letter were Rep. Marlin Stutzman of IN, Rep. Blaine Luetkmeyer of MO, and Rep. Gary Miller of CA.
The CFPB actions on dealer-assisted financing are opposed by RVDA and its allies including NADA. Dealers are exempt from regulation by the bureau, but lenders are subject to CFPB oversight.
For more from RVDA on this issue, click here.