The FRB and FTC have released rules related to risk-based pricing practices by creditors that take effect 1/1/11; a notice is required when the creditor offers credit to the consumer on less favorable terms than it provides to other consumers. The FTC provides a sample (B-4) form for this purpose.
I am curious what dealers and lenders are doing to comply with this new rule?
Another thing – compliance with this rule is required by Jan 1, 2011. That deadline is almost here. Dealers that I have talked with think that the rule is just another waste of taxpayer dollars (which I agree with as well), bet federal law is federal law. I am waiting to read the official response from NADA to the dealer body.
I will take a look at the link you provided thank you. I couldn’t agree more dealers are tired of the regulations one after another but I don’t think they will easy enough sweep this one under the carpet! Going to get interesting.