Andy Barr: “If the lack of legal authority and deeply flawed methodology were not enough, the real-world consequences of the…”

“If the lack of legal authority and deeply flawed methodology were not enough, the real-world consequences of the guidance could have been far worse if auto dealers didn't do everything they could to fight against the guidance. That is because auto dealers help customers, especially those customers with less than pristine credit scores. Let me give you an example from Kentucky. A female buyer, having gone through a recent divorce, had credit challenges. She was offered a 7.99 percent rate by a competing bank that put her payment at $506 a month. But thanks to Ford Credit's Certified Pre-Owned Program, which is only available through a franchised Ford dealer, the same customer was able to receive a 2.9 percent rate, for a payment of $441 a month. This scenario saved her almost $70 a month and a whopping $4,200 in interest charges over the life of the loan.”