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Posts Tagged ‘NADA Chairman Mark Scarpelli’

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…)