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Top Stories
Unexpected Costs of Financial Reform
House Democrats Push for Auto Dealer Exemption
White House, Top Lawmakers Hold Late-Night Meeting on Financial Bill
Ford Leads Detroit 3 Quality Gains Over Rivals, J.D. Power Says
Bullish Signals From G.M. and Toyota
Ford Chairman Sounds Bullish Note
Top Stories
Unexpected Costs of Financial Reform

Here's the thing about financial reform: It sounds good, until you try to get a car loan or pay your dentist. Those are the kind of unintended consequences that could emerge from the biggest financial regulatory overhaul the country has seen since the Great Depression. Tony Federico of Federico Chrysler Dodge Jeep in Wood River, Illinois, says he's a middleman in the lending process. He matches up car buyers with banks, credit unions and other auto lenders. He acknowledges that he makes money when arranging auto loans, but he argues customers get a better rate from him than if they went to the bank directly. Just like the dentists, Federico says that more regulation will boost his costs. It could mean he does fewer loans, or is less generous in the deals he offers. (Read more)
Source: The Associated Press

Editor's Note: These types of unintended consequences will occur for dealers and consumers if the Brownback/Campbell language is not included in the final version of the Wall Street reform bill. Members of Congress will be home over the weekend, providing a good opportunity to approach them about the Brownback/Campbell language. Dealers must urge members of the Conference Committee to include the language when they consider the issue of the new consumer agency next week. (Click here for a list of phone and fax numbers of conferees.) For more information, visit www.nada.org/keepcreditaffordable. If you find out information on a conferee’s position of the language, please email legislative@nada.org.

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House Democrats Push for Auto Dealer Exemption

More than 60 House Democrats are pushing for an exemption for auto dealers from new consumer financial protection regulations under the Wall Street overhaul bill. (Read more)
Source: The Hill

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White House, Top Lawmakers Hold Late-Night Meeting on Financial Bill

White House Chief of Staff Rahm Emanuel, Treasury Secretary Timothy Geithner and several others met for more than an hour in a second-floor hearing room with House Financial Services Committee Chairman Barney Frank (D., Mass.) and Senate Banking Committee Chairman Christopher Dodd (D., Conn.). (Read more)
Source: The Wall Street Journal

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Ford Leads Detroit 3 Quality Gains Over Rivals, J.D. Power Says

DETROIT -- Detroit's automakers -- helped by Ford Motor Co. and some of the smoothest new-model launches ever -- have surpassed Asian and European rivals in initial vehicle quality for the first time, based on a closely watched survey released (Thursday). (Read more)
Source: Automotive News

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Bullish Signals From G.M. and Toyota

DETROIT — Two of the world’s largest automakers signaled confidence in the economic recovery on Thursday, with Toyota announcing it would resume construction of a long-delayed plant in Mississippi and General Motors increasing output at most of its American operations. Analysts said the two announcements reflected the growing optimism among carmakers that the worst was over for the auto industry. (Read more)
Source: The New York Times

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Ford Chairman Sounds Bullish Note

NEW YORK—Ford Motor Co., which reported a surge in profits in the first quarter, expects to see its bottom line grow further as U.S. auto sales return to more normal levels, the company's chairman said Thursday. (Read more)
Source: The Wall Street Journal

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Quotable
 
"We believe the balance achieved in the House bill is an appropriate compromise that will ensure auto dealers can still offer optional dealer-assisted financing while maintaining strong consumer protections."

    -- Sixty-two U.S. House Democrats, in a letter this week urging House Financial Services Chairman Barney Frank to preserve a exemption for auto dealers from new consumer rules, The Hill, June 17

Video Highlights
 

Senate: Exempt Dealers from Wall Street Reform Bill (NADA-TV)


Sen. Brownback at May 19 News Conference (NADA-TV)


Car Dealers and Wall Street Reform? (CNN)


NADA Chairman Says Dealers Are Not Banks (CBS Evening News) 


Sen. Brownback on Need to Exclude Auto Dealers from Financial Reform (C-SPAN)

NADA Marketplace
 

NADA University: 'We Build Champions'

 

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