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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.


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