WASHINGTON – Just because the major car manufacturers have discontinued offering zero percent auto financing deals doesn’t mean CUNA intends to ease up on its effort for the Fed to make changes to Reg Z, Truth In Lending to apply to these types of financing offers.
Just the contrary, said CUNA Assistant General Counsel Jeffrey Bloch.
“We expect the car manufacturers to offer them again and more often because they were so successful in moving inventory off the dealers’ lots,” said Bloch.
“If we stop now because the deals are not around, we’ll have to start again from zero when they reappear. We intend to keep up the pressure,” said Bloch.
He said CUNA had not yet heard back from the Fed in response to a letter the association sent the agency in December concerning the Reg Z changes.