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Auto dealers warn H.385 protections for coerced debt could shift losses to small Vermont dealers
Summary
Representatives from Vermont dealers told the House Commerce & Economic Development Committee H.385's treatment of secured debt, chargebacks and repurchase obligations could force small dealerships to absorb large losses; dealers proposed clearer repossession and repurchase rules and guardrails for indirect lending.
Automobile dealers and industry representatives told the House Commerce & Economic Development Committee on Feb. 20 that draft H.385’s protections for victims of coerced debt could have unintended consequences for small Vermont dealers tied to indirect auto-lending contracts.
Matt Coda of Meadow Hill, speaking on behalf of the Vermont Vehicle and Automotive Distributors Association, said dealers in Vermont sell about 100,000 vehicles a year and that roughly 50% of those purchases are financed. Coda urged the…
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