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Inside this issue
Guinta: Auto Lending Bill Will Save Consumers Millions
Marchionne Will Show Data Supporting Industry Need for Consolidation
GM Launches Software That Flags Recalled Vehicles on Dealer Lots
Ruling Shields GM From $10B in Ignition Suits
Cadillac Drops Price on ELR Plug-In for 2016 Model Year
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Top Stories
Guinta: Auto Lending Bill Will Save Consumers Millions

The Reforming CFPB Indirect Auto Financing Guidance Act of 2015, a bipartisan bill, rescinds flawed guidance which harms borrowers.

U.S. Rep. Frank Guinta, R-N.H., joined U.S. Rep. Ed Perlmutter, D-Colo., [Monday] in introducing H.R. 1737 – the Reforming CFPB Indirect Auto Financing Guidance Act of 2015 - to rescind flawed guidance from the Consumer Financial Protection Bureau (CFPB) which harms consumers by limiting their ability to obtain discounted auto financing. H.R. 1737 would repeal a CFPB bulletin from 2013 that was designed to pressure lending institutions into eliminating the availability of auto financing discounts. These discounts save consumers millions of dollars every year.
Source: Patch.com

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Marchionne Will Show Data Supporting Industry Need for Consolidation

Fiat Chrysler Automobiles CEO Sergio Marchionne says he will produce data to back up his ongoing calls for consolidation in the auto industry. Marchionne, who engineered the merger between Italy’s Fiat and U.S. counterpart Chrysler, said [Wednesday] the data will show the benefits of a new round of consolidation. He made the remarks in in Amsterdam, where Fiat Chrysler will hold its annual shareholders meeting.
Source: Bloomberg

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GM Launches Software That Flags Recalled Vehicles on Dealer Lots

General Motors is rolling out new software this month for dealerships to make it harder for them to mistakenly sell a new vehicle that’s subject to a recall, without first performing the recall work as required. “We consider safety a core value, a core priority,” Tim Turvey, GM global vice president of customer care and aftersales, said in a telephone interview Monday. The software tools will be phased in through the third quarter, he said. First up is an “incentive lookup block,” Turvey said.
Source: Automotive News
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Ruling Shields GM From $10B in Ignition Suits

General Motors will not have to face dozens of lawsuits — and as much as $10 billion in damages — stemming from its decade-long failure to disclose an ignition-switch defect that has been blamed for more than 200 deaths and injuries. U.S. Bankruptcy Judge Robert Gerber Wednesday upheld a legal shield that protected the "new" GM from claims originating before its 2009 bankruptcy and restructuring. That includes millions of vehicle owners — 2.59 million of whom had cars with the faulty ignition switch.
Source: The Detroit News
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Cadillac Drops Price on ELR Plug-In for 2016 Model Year

General Motors Co. said Wednesday it's shaving $10,000 off the price of its Cadillac ELR plug-in hybrid for the 2016 model year. Cadillac said after U.S. federal tax credits of $7,500, the 2016 ELR will start at $58,495. The current model starts at $75,995 including destination charge, and after tax credits starts at $68,495. It's the second price reduction in two days on a GM electric vehicle. The ELR luxury coupe, which debuted early last year as a 2014 model, has been a slow seller and has been heavily discounted at times by dealers to move them; last year GM sold 1,310, and through March this year, had sold 311. That's up from 180 sold in the first three months of 2014.
Source: The Detroit News
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Quotable

"The CFPB undoubtedly remains the single most powerful and least accountable federal agency in all of Washington."

   -- House Financial Services Committee Chairman Jeb Hensarling, R-Texas, on wanting more transparency from the CFPB, HousingWire, April 15

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