We read with sadness this morning of the sudden passing last week of Joe Belew, the president of the Consumer Bankers Association, at age 59. Our hearts go out to Joe’s immediate and CBA families. Joe was an avid and faithful advocate for banking and consumers literally for decades. His efforts on behalf of the financial services sector, and automotive finance in particular, will not be forgotten.
-The Editors
Note: We invite AutoFinanceNews.net members to share their memories of Joe in comments to this post.
While I always say nothing surprises me…this came a a major shock. I have known Joe for over 20 years as both a friend and business associate. The CBA will suffer a huge loss with his passing.
You missed my point or perhaps I did not state it well. I am all for dealers providing financing and getting a “small part” of the interest participation. It is the best way to assure a sale. But, it is hard to know how many people are being gouged at present because zero percent financing basically inbeds the interest cost into the car price and subvention (if still in place) also disguises the true cost of credit.
As reported on this web site a few weeks ago, the finacial IQ of Americans has decreased from “failing” down to “failing minus” over the decade. Lenders are in the best position to be assertive and provide support to auto buyers to make sure they do not fall to abusive practices. Another column today discusses the big dealer groups and how they are pressuring the lenders. Here is where the rubber meets the road. Great auto finance executives can lead the way. Mediocre ones roll over. Your software possibly could help them do that. Let’s hope they are paying attention.