Wood said that 90 percent of all new cars are financed in some capacity, including loans and leases.
The Consumer Federation of America, which is based in Washington, released a list of 10 reasons the proposed higher emission standard would be popular with drivers. Among them was that higher fuel efficiency rules would lower the overall cost of driving, and that the rules will be applied to all cars, so consumers would still have their choice of various types.
But the NADA released a study last month saying there would be "unintended consequence" of increasing the emission rules for cars.
“If the price of a vehicle goes up by the government estimate of almost $3,000, millions of people will no longer be able to finance a new vehicle,” the author of the NADA study, David Wagner, said in a statement.
The CFA disagreed, saying in a statement Tuesday that “better gas mileage means more money in Americans’ pockets."