By David Monteiro, Nicholas Gess and Eamonn Moran (July 7, 2022, 5:41 p.m. EDT) — On June 23, by a vote of 4 to 1, the Federal Trade Commission issued a Notice of Proposed Rulemaking that is squarely aimed at changing how auto dealerships interact with customers in the auto finance process – with an incidental but important impact on finance companies, both those affiliated with OEMs and others.
The proposed rule follows multiple FTC enforcement actions and consent orders over the past two years, particularly the Bronx Honda, Tate Auto, and Napleton enforcement cases, which predicted nearly every provision of the rule. proposed.
If the regulations pass as proposed, the potential effects on…
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