FTC CARS Act Questions

[Tallcool1]

I am going to be sitting in a meeting with the FTC's Director of Financial Practices next week.

If anyone has any specific questions that they would like addressed, please let me know. I have a list of some, but I am sure that this group will have a lot more than what I have.

It would be easiest if you post them here to avoid duplication. You can of course message me if you prefer.


Clint

 

[DrewAment]

Just an FYI -- looks like FLORIDA is jumping on its own little version of the CARS Act, at least in relation to advertising. As noted, they are pretty much just enforcing existing law. Pretty much closes down DOC Fees, recon fees, credit fees, what want more fees, even more fees, etc, etc. Only government fees (TTL) allowed to be added to the price displayed.


View: https://drive.google.com/file/d/1f3lk0wVsNrNct6TXmvMMd49X4TelKPIs/view?usp=sharing


Any thoughts?

 

[Tallcool1]

Just an FYI -- looks like FLORIDA is jumping on its own little version of the CARS Act, at least in relation to advertising. As noted, they are pretty much just enforcing existing law. Pretty much closes down DOC Fees, recon fees, credit fees, what want more fees, even more fees, etc, etc. Only government fees (TTL) allowed to be added to the price displayed.


View: https://drive.google.com/file/d/1f3lk0wVsNrNct6TXmvMMd49X4TelKPIs/view?usp=sharing


Any thoughts?

If more states had done this on their own, there wouldn't be a CARS Rule.

That's my opinion.

 

[Tallcool1]

I read somewhere (today) that the Court ruled in favor of NADA and the TIADA. The reason was failure to provide adequate notice, not the terms of the actual rule itself.

I am expecting the FTC to regroup on this and provide notice in the near future.

I have not seen an official release on this.

 

[john.quinn]

I read somewhere (today) that the Court ruled in favor of NADA and the TIADA. The reason was failure to provide adequate notice, not the terms of the actual rule itself.

I am expecting the FTC to regroup on this and provide notice in the near future.

I have not seen an official release on this.

I’d be surprised if this resurfaces with the current administration.

 

[Tallcool1]

I’d be surprised if this resurfaces with the current administration.

President Trump has discussed White House oversight of the FTC. I don't know the details of how the FTC came to be and what the intent was. I suspect that there was a reason that the White House wasn't given oversight but we will see.

 

[Alex Snyder]

From the consumer perspective, it is tough to argue with more transparency in payments and pricing. I agree the FTC CARS Rules have gone too far, but I'm betting there is a compromise to be found.

How much did NADA help Trump get elected?

 

[Tallcool1]

From the consumer perspective, it is tough to argue with more transparency in payments and pricing. I agree the FTC CARS Rules have gone too far, but I'm betting there is a compromise to be found.

How much did NADA help Trump get elected?

That is a good question. I really don't know what kind of support NADA gave Trump.

 

[jscole86]

From the consumer perspective, it is tough to argue with more transparency in payments and pricing. I agree the FTC CARS Rules have gone too far, but I'm betting there is a compromise to be found.

How much did NADA help Trump get elected?

Agreed. Transparency in payments and pricing is a great thing. This rule went way overboard.

 

[Jeff Kershner]

NADA and TADA win court challenge to FTC Vehicle Shopping Rule; Rule is Vacated​

National Automobile Dealers Association (NADA) President and CEO Mike Stanton issued the following statement in response to Monday’s decision by the U.S. Court of Appeals for the Fifth Circuit to grant a petition filed by NADA and the Texas Automobile Dealers Association (TADA) to vacate the FTC Vehicle Shopping Rule (“CARS” Rule):

“Monday’s decision by the 5th Circuit Court of Appeals on NADA’s and TADA’s legal challenge is a victory for the rule of law and a great outcome for consumers. As we have been saying since this rushed, poorly researched, and unnecessary rule was announced, the FTC’s Vehicle Shopping Rule (“CARS” Rule) would have added massive amounts of time, complexity, paperwork and cost to the car-buying and car-shopping experience for virtually every customer. That truly would have been a nightmare for consumers and dealers alike. Thanks to the success of this legal challenge, dealers can get back to what they do best, which is creating the best-possible customer experience and reducing transaction times wherever possible.”