In 2010, the Federal Trade Commission received 1,339,265 complaints. According to the National Automobile Dealer's Association, less than one percent of those complaints were related to new or used auto sales. That relatively low number (compared to the 250,854 people who complained of identity theft) has NADA upset over the government's decision to pursue the creation of an automotive lending consumer advocacy agency.
NADA has given its official support to the congressional Republicans who are looking to put the clamps on this new oversight group.

This agency will be formed as part of legislation that seeks to simplify auto loan disclosure forms, and the entire process of borrowing money to obtain a new set of wheels. On the contrary, NADA believes this advocacy agency could lead to financing abuses related to the level of power granted to those in charge.


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  • 20 Comments
      tantareanujellob
      • 3 Years Ago
      Oh goody, NADA and the Republicans are going to protect me from the big bad federal government. I feel soooo much better. please
      Polly Prissy Pants
      • 3 Years Ago
      Wow, shady business doesn't want government oversight, news at 11:00.
      Hazdaz
      • 3 Years Ago
      No Credit? Bad Credit? NO PROBLEM!? We will get you a loan and have you indentured for the rest of your life due to our shady business practices! So you mean a shady industry DOESN'T want its lending practices looked into?!? No Way! I can't wait to see the typical right wing nutjob comments that will DEFEND companies screwing over consumers.
        tinted up
        • 3 Years Ago
        @Hazdaz
        While I would agree that auto companies (dealerships in particular) employ some shady people, I don't think that Federal regulation is the answer. Most of the people that complained were probably the type that say "So I want to buy this $50,000 truck. I have zero down and want a $300 payment... Oh and I only have 1 repo and it was over 6 months ago." I swear maybe a better education on credit is a better answer if you HAVE to get the government involved. American children are educated on carpentry, mechanics, and many other things that are not necessarily used by all. I would say that a mandated high school class on credit with a passing grade required for graduation would benefit nearly all.
      Zoom
      • 3 Years Ago
      Surprise! Auto dealers don't want oversight into their business practices!
      kevsflanagan
      • 3 Years Ago
      Though they may not have recieved complaints the sheer amount of repossessions should be enough to warrant some form of oversight to ensure the housing bubble doesnt turn into the auto bubble. While yes some people were stupid and bought cars they couldn afford some level of responsibility needs to be placed upon the dealerships and the banks they deal with. Yes the holes are tightened up the thing is they are tightened and not closed. Just as easily as they closed up they can be reopened and we'll be back in the same place once more.
        Hazdaz
        • 3 Years Ago
        @kevsflanagan
        When it happens to a handful of individuals, shame on them. I have no sympathy for stupid people that live above their means.... ...But when it seems to be part of the whole car-buying business to fool customers into convoluted terms and conditions that no one seems to understand, then that's a systemic problem within the industry that needs to be cleaned up. As usual the GOP is quick to side with businesses and against consumers on this and soooo many other issues. Food safety? They are quick to make cuts. Reducing funding of weather satellites - you know, like the ones that helped predict the tornadoes that ripped through the country yet miraculously deaths were minimal? Yup, the GOP is ready to cut funding there. Billions in oil company tax breaks?! Oh hell no!!... the GOP fully supports those!
          Mazdarocks
          • 3 Years Ago
          @Hazdaz
          I agree with everything you have said, but the oil companies will only raise the price to recoup the money from higher taxes.
      • 3 Years Ago
      [blocked]
      caddy-v
      • 3 Years Ago
      We've already seen how the Dumacrats screwed up Fannie May and Freddy Mac and they want to get into car lending? How about the buyer just plain educating himself and takes some responsibility for his own stupidity. If you're dumb enouph to buy beyond your means then you deserve to have your credit go up in flames. More government, more abuse, more taxes, more stupidity from stupid liberals.
        • 3 Years Ago
        @caddy-v
        [blocked]
          caddy-v
          • 3 Years Ago
          Wow, another Liberal lunatic touting Rachel Madcow's agenda. Get a life and an education and quit ******* off the teets of the successful. If it were'nt for the GOP conservatives you socialist idiots would have destroyed America as us Constitutionalists have known and defended it for two centurys. You and your bunkmate, Bawny Fwank are soley responsible for the mortgage meltdown.
      Michael
      • 3 Years Ago
      It figures that anything that might help people and force corporations to heed the law and be responsible would be fought by companies with a vested interest in the status quo. Get those lobbying efforts going and write those campaign donation checks boys!
      Danaon
      • 3 Years Ago
      I work at a firm that deals with auto law (warranty, sales, fraud, etc) and about 99% of people who think they've been defrauded just make terrible financial decisions. While there is fraud and of course it should be addressed, there would be far fewer problems if people would just learn some financial responsibility. I have seen way too many people making less than $1500 a month paying $700-1000 a month because they just HAD to have an Escalade. This wouldn't be nearly as big of a problem if people would just live within their means.
        • 3 Years Ago
        @Danaon
        [blocked]
      • 3 Years Ago
      [blocked]
      MattGMD
      • 3 Years Ago
      If the industries involved are doing business ethically and legally, then oversight and regulation should be painless. We should be tired by now of allowing the consumers to be thrown under the bus by those that proclaim themselves uber-patriotic. Apparently the more they claim to be patriotic and upright, the less they really are.
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