A proposal to mandate a single interest rate auto lenders can charge car buyers to ensure minorities weren’t discriminated against would only cause all buyers to pay more for a car, according to the National Automobile Dealers Association.
In a speech at an Automotive Press Association luncheon in Detroit, Forrest McConnell, president of McConnell Honda Acura in Montgomery, Alabama, and chairman of NADA, said the recommendation by the Consumer Financial Protection Bureau (CFPB) to require auto dealers to use a standard interest rate for all financed purchases denies buyers “their right” to a discounted interest rate.