John McEleney, chairman of the National Automobile Dealers Assn., says pending legislation would hurt consumers
With regard to "Car Dealers Could Get a Pass" (New Business, December 28 & January 4): Dealer-assisted financing of vehicle sales is already regulated by the Federal Reserve Board, the Federal Trade Commission, and state attorneys general. Auto financing will continue to be regulated by these agencies. Auto financing had nothing to do with the financial crisis, and the legislation pending in Congress should not penalize dealers with overregulation that would add costs to consumers. Many in Congress believe that re-regulation should focus on actual problems and not be used as a means to expand federal oversight power unnecessarily. This is why the House of Representatives exempted auto dealers from the jurisdiction of the proposed new consumer-protection agency.
McEleney is chairman of the National Automobile Dealers Association.