Asbury, Sonic, Lithia and Group 1 evaluate latest CFPB effect on lender relationships, according to SubPrime Auto Finance News.
Of the four public dealer groups that conducted conference calls this week to discuss second-quarter results, only one shared details about noticeable changes regarding relationships with lenders as heightened regulation comes from the Consumer Financial Protection Bureau.
Executives from Asbury Automotive Group said they have, in fact, seen some changes in policies and procedures from commercial banks since the CFPB began to investigate and issue enforcement actions in connection with vehicle lending. SubPrime Auto Finance News published details and reaction to the bureau’s actions against U.S. Bank last month.
