New Consumer Finance Protection Intended to Help CT Used Car Buyers
The new U.S. consumer financial agency will begin trying to simplify auto loan forms for consumers over the next few months. Key Hyundai, a long standing used car dealer in CT, hopes that any legislation that comes about helps CT used car buyers.
By: Jessica Barnard
Key Hyundai, a long standing used car dealer in CT, hopes that any legislation that comes about helps CT used car buyers. “One of the great services that we offer our Milford used car buyers is the ability to facilitate car financing for used cars on the spot at competitive rates,” says Jill Merriam, owner of Key Hyundai, one of CT’s used car dealer.
Although Connecticut used car buyers have the ability to buy a used car from many places, including a friend, Craigslist, or a smaller used car lot, car dealers offer a great benefit because of their ability to finance used cars in CT. According to Jill Merriam of Key Hyundai, CT car dealers typically have about 20 different banks that they can use to get a car loan for CT used car buyers. “We’
A banking group questioned whether the new agency would be able to make meaningful simplifications that would help auto consumers.
“What are they trying to get at?” said Mark Pregmon, chair of the auto finance committee at the Consumer Bankers Association. “Making the form shorter and easier to read? That would be really great. But people already realize what they’re signing up for.”
Pregmon said the disclosure form stretches as long as 20-plus pages in California as a result of federal, state and bank requirements. Banks agree most forms are overly complex but aren’t sure what to do about them in the face of government requirements, he said. Fortunately, Connecticut does not have the same onerous requirements and all the information is on one form. This allows Connecticut used car buyers to purchase a car and get a car loan in only a few hours.
The new agency is to oversee consumer financial products, including dealer-assisted auto financing. Banks that provide the loans fall under the agency’s purview, though dealers are exempt.
Bailey Wood, a spokesman for the National Automobile Dealers Association, said the group “will work aggressively to ensure that any regulatory changes implementing the financial reform bill, including those which seek to ‘simplify’
For more information on Key Hyundai, visit their website at http://www.keycars.com. For more information on how to buy a used car in CT, visit http://www.keyhyundaiusedcars.com/
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About Key Hyundai: Key Hyundai is Ct's largest Hyundai dealer with locations in Manchester and Milford, CT. Key Hyundai of Manchester is located at 21 Hartford Tpke, Vernon, CT 06066 or (860) 643-2700. Key Hyundai of Milford is located at 566 Bridgeport Ave, Milford, CT 06460 or (203) 877-6820. In addition to selling new Hyundais in CT, Key Hyundai offers one of Connecticut's largest used car inventory. Key Hyundai offers used car buyers in CT many options from under $10,000 used cars through to certified pre-owned luxury used cars. Although Key Hyundai is proud of its new Hyundai line, they believe its important to offer Milford used car buyers and Manchester used car buyers options. Some of these options are Nissan Altimas in CT, Toyota Camrys in CT and even used SUVs, like a Jeep Cherokee or a Ford Explorer to Milford used car buyers.
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