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Inside this issue
The CFPBs War On Car Loans
U.S. Auto Sales Crushed Expectations In July
GM Ignition Fund Ends Review Approving 124 Death Claims
No Longer a Tailpipe Dream
Second-Gen Chevy Volt Has 53-Mile Electric Range
4 Questions with NADA Used Car Guide's Larry Dixon
Top Stories
The CFPBs War On Car Loans

The House of Representatives is one body that is less than wholly impressed with how the CFPB gathered its data on discrimination – and is largely non-plussed by what some see as a power grab aimed at regulating auto dealers in a way that is specifically outlawed in Dodd-Frank (Dodd-Frank explicitly bars the CFPB from regulatory authority over auto dealers).

Last week, The U.S. House Financial Services Committee approved a bill that would significantly limit the Consumer Financial Protection Bureau’s guidance over auto lending.

“We want to ensure that the CFPB’s auto finance policy is based on accurate analysis and is based on the best interest of consumers,” noted Rep. Ed Perlmutter (D-Colo.), who introduced the bill with Rep. Frank Guinta (R-N.H.).

The bill is now on its way to the floor of the House – and, if passed, would revoke the CFPB’s auto lending guidance bulletin and require them to undertake a formal rulemaking process before pushing regulation.

The bill is unsurprisingly supported by Republicans, who have been generally suspicious about the CFPB – but is also being supported by some Democrats.
Source: PYMNTS

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U.S. Auto Sales Crushed Expectations In July

U.S auto sales blew past expectations in July, the nation’s automakers said on Monday, helped by continued demand for trucks and SUVs. The big three — Fiat Chrysler, Ford and General Motors — all reported sales figures that trounced analyst expectations and marked their best July since before the recession. Automakers are currently benefiting from the winning combination of an improving economy, lower gas prices and easy credit. They’ve also been running deals to draw buyers onto the car lot and have seen increasing demand for trucks and SUVs, which have a higher margin.
Source: Forbes

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GM Ignition Fund Ends Review Approving 124 Death Claims

The final death toll blamed on defective ignition switches in General Motors cars is 124, according to a company-appointed review team that over the past year considered more than 4,300 death and injury claims. That’s nearly 10 times more than the 13 deaths GM executives reported as the controversy unfolded in 2014. In addition to the death claims, and with just a half-dozen injury applications still to be reviewed, GM’s compensation fund said Monday it approved 274 injury claims — 17 of them serious.
Source: The Detroit News
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No Longer a Tailpipe Dream

More than a decade after former President George W. Bush announced his plan to wean the nation from its "addiction to oil" by way of hydrogen-powered cars, automakers are planning to roll out their first models this year. Bush called for the transition to a hydrogen-fueled economy in his 2003 State of the Union speech. At the time, many were skeptical, questioning the president's commitment to moving the country away from petroleum as another Washington "boondoggle." Even President Obama, an electric vehicle advocate, didn't like the idea of hydrogen cars and attempted several times to zero out the hydrogen car budget during his first term in office.
Source: Washington Examiner
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Second-Gen Chevy Volt Has 53-Mile Electric Range

General Motors Co.’s 2016 Chevrolet Volt plug-in electric hybrid will get an estimated 53 miles of electric range, a nearly 40 percent improvement over the first generation Volt, which had a 38-mile range, and higher than the 50 miles GM estimated earlier this year. The automaker is set to announce the Environmental Protection Agency figures Tuesday during the Center for Automotive Research Management Briefing Seminars. The next generation Volt is due in dealerships this fall. The vehicle is being built at GM’s Detroit-Hamtramck Assembly Plant.
Source: The Detroit News
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4 Questions with NADA Used Car Guide's Larry Dixon

In the latest installment of the annual Power 300 issue of Auto Remarketing, we launched a new feature to spotlight just a few of the companies on the list. In a Q&A format, we go behind the scenes with some of the leading companies in the used-car space. Next up in this series is Larry Dixon, senior manager of market intelligence, NADA Used Car Guide. Click here for the interview.
Source: Auto Remarketing
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Quotable
"…the CFPB’s blank check is running out…and questions about its lack of oversight are beginning to become more frequent and pointed."

   
-- PYMNTS, on the need to limit the CFPB's guidance over auto lending, Aug. 4

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