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Posts Tagged ‘NADA APA’

NADA Chief Warns Makers about Unfair Sales Practices

Scarpelli says consumers will lose trust in brands.

by on Oct.10, 2017

NADA Chairman Mark Scarpelli told the Automotive Press Association in Detroit that makers must eliminate gimmicky incentives or risk losing loyal customers.

The National Automobile Dealers Association defeated regulations proposed by the independent Consumer Financial Protection Bureau that its dealers believe made it more difficult for consumers to obtain credit, NADA Chairman Mark Scarpelli told the Automotive Press Association in Detroit.

The CFPB recently finalized its recommendations that, among other features, requires lenders to make “ability to repay” determinations when extending certain payday, vehicle title and other loans to consumers.

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Although the proposed rule would have covered certain “high cost” vehicle finance contracts, the final rule generally excluded those contracts unless they have a balloon payment feature. A balloon payment is defined as at least one payment that is more than twice as large as any other payment, Scarpelli noted.  (more…)

Dealers Keep New Car Prices Down, NADA Chair Says

Carlson says regulations, recalls add $600 to vehicle prices.

by on Oct.06, 2016

NADA Chairman Jeff Carlson told the Automotive Press Association in Detroit that federal regulation amounts to a $600 tax on a new car.

Federal regulation of everything from financing and fuel-economy to the handling of recalls amount to the equivalent of a tax on consumers, Jeff Carlson, chairman of the National Automobile Dealers Association, said during an appearance in Detroit.

Carlson is president of Glenwood Springs Ford and Glenwood Springs Subaru in Glenwood Springs, Colorado, and Summit Ford in Silverthorne, Colorado, said rules set down by the federal Consumer Financing Protection Bureau, one of the NADA’s top target, added up to $600 to the price of a new vehicle.

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“Washington doesn’t always understand the unintended consequences of their actions,” Carlson said during a meeting of the Automotive Press Association in Detroit. (more…)