Yes. From what I understand, it applies to auto loans in general. I verified this with several independent dealers and banks who basically said the same thing. The term they use for these rates is FIXED RATE. So they will tell you that the FIXED RATE is 2.08%. What you need to ask them is what is the effective rate or APR. In most cases I suspect that they cannot tell you or dont know. So the best way to find out is to ask them for 3 inputs....loan amt, term (60months etc) and monthly payment. Then go to some internet auto loan calculator like
Auto loan calculator, car loan payment calculator by Bankrate
Use the same loan amount and term. Keep changing the interest rate till you get the same monthly payment and that will tell you your APR. Ofcourse you can reverse calculate this also if you are a finance type but this method it the easiest back-of-envelope calculation.