Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA urges FTC to protect auto loan consumers
WASHINGTON (4/4/11)--The Credit Union National Association last week came out in support of the Federal Trade Commission’s (FTC) proposed efforts to protect consumers with respect to motor vehicle loans, and urged the FTC to apply consistent consumer protection rules for motor vehicle dealers offering motor vehicle financing. CUNA in its comment letter noted that auto dealers, who are often the single point of contact for consumers during an auto purchase, are not always concerned with consumer protection. “Motor vehicle dealers provide a significant portion of all motor vehicle loans and should not have a special exemption to inflate rates, charge hidden fees, or engage in other harmful practices,” the letter adds. Providing consistent consumer protection rules would ensure a level playing field for all financial entities that provide motor vehicle lending or lease arrangements. CUNA noted that credit unions provide both direct and indirect loans to prospective motor vehicle purchasers, and said that 95% of credit unions nationwide are involved in the auto loan business. Loans for new and used motor vehicles represent about 29% of all loans at credit unions. Consumers that use credit union loans instead of bank-originated loans to purchase a new vehicle worth $30,000 would save an average of $1,300 over the span of a five year loan, according to CUNA estimates. For the full CUNA comment letter, use the resource link.


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
2 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
21 hours ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 day ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 day ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago