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Inside this issue
NADA Asks CFPB to Release Documents Admitting Goal of Regulation Through Enforcement
NADA's Fox Sees Progress on CFPB Bill
VW's U.S. Recall Could Be Thwarted By Reluctant Diesel Owners
UAW, Fiat Chrysler Avoid Strike; Reach Tentative Deal
GM Dangles Special Pricing to Families of Dealership Staffers
S.C. Dealerships, Factories Begin Recovering From Floods
Ford, Neiman Marcus Team Up to Offer 100 Mustang Convertibles for Holiday
Top Stories
NADA Asks CFPB to Release Documents Admitting Goal of Regulation Through Enforcement

FOIA request is in response to CFPB documents leaked to American Banker

The National Automobile Dealers Association (NADA) on Thursday asked the Consumer Financial Protection Bureau (CFPB) to release internal documents acknowledging that the agency intended to regulate the auto finance market through enforcement action, and eschewed evidence that its methods for estimating disparate impact were deeply flawed.

The request was made under the Freedom of Information Act (FOIA) and signed by NADA Vice President of Regulatory Affairs Paul Metrey.

It is the second time in less than three months that NADA has requested access to agency documents that were leaked to American Banker, and that show a CFPB intent on eliminating the dealer discretion to offer discounted financing rates to consumers. NADA's first request, filed on July 13, 2015, was denied by the CFPB three days later.

"These documents demonstrate a lack of transparency and accountability that should be deeply troubling to anyone concerned about how significantly a regulator can influence a market that affects millions of consumers," said NADA President Peter Welch. "Consumers benefit tremendously from the discounts they get from dealers, and they have every right to demand that their voices be included in – not willfully excluded from – the debate about how to regulate the auto finance market."

Click here for the full text of NADA's letter to CFPB's Chief FOIA Officer.
Source: NADA
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NADA's Fox Sees Progress on CFPB Bill

After discussions with legislators last week, Bill Fox, chairman of the National Automobile Dealers Association, says he is confident that a bill to limit the Consumer Financial Protection Bureau’s auto lending guidance will pass. Fox said he was basing his hunch on bipartisan support so far and his experience at Capitol Hill last week. At an Automotive Press Association luncheon [in Detroit on October 7], Fox told Automotive News that he was optimistic about legislators’ stance on the bill.

Throughout his nine years with NADA, Fox said he has made numerous trips to Capitol Hill, but “we don’t feel that we make much headway most of the time.” This time was different, he said. More than 500 new-vehicle dealers, along with NADA executives, went to Capitol Hill for NADA’s Washington conference to meet with legislators to discuss policy issues that impact the industry, such as the CFPB’s guidance over auto lenders. The CFPB’s guidance lists recommendations for auto lenders to ensure their policies are fair and compliant. The bill that would limit the CFPB, H.R. 1737, currently has 151 co-sponsors, 89 Republicans and 62 Democrats. The House Financial Services Committee voted on the bill 47-10 in July. A House vote is expected this fall.
Source: Automotive News

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VW's U.S. Recall Could Be Thwarted By Reluctant Diesel Owners

As Volkswagen prepares to explain how it might fix the polluting diesel cars that set off the biggest scandal in the German automaker's history, whatever solution it proposes could be undermined by some owners in the United States who won't bring their cars in for a recall and can't be forced to. The cars, some 482,000 Passats, Golfs and Jettas sold in model years 2009 to 2015 in the United States, are peppy and fun to drive, owners say.
Source: Reuters

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UAW, Fiat Chrysler Avoid Strike; Reach Tentative Deal

The United Auto Workers and Fiat Chrysler Automobiles avoided a potential strike by reaching a new tentative contract before a Wednesday night deadline. No details were released about the deal, which the union says “secured significant gains.” The agreement was announced roughly 36 hours after the union imposed the 11:59 p.m. Wednesday strike deadline and a week after 65 percent of union members voted against the first tentative deal.
Source: The Detroit News
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GM Dangles Special Pricing to Families of Dealership Staffers

General Motors is looking to boost sales by offering steep discounts to a vast new buying pool: families of U.S. dealership employees. The one-month offer allows anyone who shares an address with an employee of one of GM’s roughly 4,200 dealerships to qualify for the Dealership Employee discount, which knocks off about 8 to 10 percent from the sticker price on most models. The promotion covers nearly all models across the lineups of Chevrolet, GMC, Buick and Cadillac. The employee price can be combined with other incentive offers too, in most cases.
Source: Automotive News
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S.C. Dealerships, Factories Begin Recovering From Floods

The rain has stopped, but South Carolina’s dealerships and residents are still on alert and recovering from the massive floods that have wreaked havoc on much of the state. BMW’s Spartanburg plant began temporarily trucking its vehicles to the port of Charleston for export after severe flooding in Columbia damaged a rail line. “Once the rail is repaired, we will resume rail transport,” BMW spokeswoman Sky Foster wrote in an email. Seventy percent of the plant’s vehicles are exported. Foster wrote that employees have made it to work without major problems from the flooding.
Source: Automotive News
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Ford, Neiman Marcus Team Up to Offer 100 Mustang Convertibles for Holiday

Ford Mustang enthusiasts on the nice list might be in luck this holiday season. The 2015 Neiman Marcus Limited-Edition Mustang convertible is among the fantasy gifts in the retailer’s 2015 Christmas Book. Ford and custom shop SMC Productions will build 100 of the Mustangs. Each will have a $95,000 price tag, which includes a two-day stint at a Ford Racing School course. The price does not include taxes, title, licensing, registration or shipping. Ford says the cars will be delivered through a network of Ford dealers.
Source: Automotive News
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Quotable
"Consumers benefit tremendously from the discounts they get from dealers, and they have every right to demand that their voices be included in - not willfully excluded from - the debate about how to regulate the auto finance market."

   -- NADA President Peter Welch, commenting on NADA's request Thursday to the CFPB to release internal documents showing the agency's intent to eliminate the dealer discretion to offer discounted financing rates to consumers, NADA, Oct. 8

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