NADA Video Explains How New FTC Rule Would Affect Shoppers

Friday, September 02, 2022 9:00 AM | Anonymous member (Administrator)

The NADA released a new animated video explaining how the FTC proposed rule would dramatically complicate the car buying process for American consumers. (Watch the video here.)

The video shows how the regulation, first proposed by the Federal Trade Commission in June, would force consumers who finance their vehicles to sign new forms and disclosures each time they ask about the price of vehicles on the lot.

The FTC, which is fast-tracking the proposal, last week denied NADA’s request to extend the deliberation period. NADA and state dealer associations are filing detailed comments to the FTC opposing the proposal.

The FTC has yet to field test the proposal, and has provided no quantitative data showing how the proposal would help consumers. Dealers are encouraged to submit a comment on the proposed rule before the Sept. 12 deadline. Also, tell the FTC in a short letter that this rule is unwarranted and unnecessary. Your comments are critical and can be submitted online here.

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