NAF ASSOCIATION ISSUES
POSITION ON VOLUNTARY STANDARDS

September 21, 2004 --- The Board of Directors of the National Automotive Finance Association issues the following statement on voluntary standards:

The National Automotive Finance Association supports the disclosure to vehicle buyers of all meaningful information that would assist the buyers in buying and financing their vehicles. Consequently, the National Automotive Finance Association joins the National Automobile Dealers Association, the American Financial Services Association and the Consumer Bankers Association in encouraging auto dealers to include certain disclosures to vehicle buyers in the buyers' credit documents. Those disclosures, called the "voluntary standard," tell the buyer that the rate of finance charge may be negotiable with the dealer and that the dealer may retain a portion of the finance charge.

The suggested text for the voluntary standard is: "The annual percentage rate may be negotiated with the seller (or dealer). The seller (or dealer) may assign this contract and retain its right to receive a part of the finance charge."