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Smart Shopper Buying a Car During the Credit Crunch
343 messages, Last post on Nov 14, 2008 at 5:59 AM
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Replying to: andre1969 (Oct 02, 2008 4:57 pm) |
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Replying to: fandiguy (Oct 02, 2008 2:37 pm) Granted, that is in a part of the country where domestics haven't sold too well to begin with. Makes you wonder if the Detroit 3 (well, Detroit 2.8) aren't perhaps deliberately trying to reduce the number of dealerships. Or, at the very least, aren't shedding too many tears over the dealerships that are closing. Of course, that puts lots of employees out of work. With all the scorn heaped upon the Bill Heard group for its shady practices, people worked at those dealerships. People with families, and mortgages, and health care issues, and other obligations - they are now all out of work, trying to make ends meet in a tough job market. I know Chrysler just increased the floorplan charge for their dealers. I think each Buick dealership sells less than 6 new cars per month on average. There just aren't enough Lemko's to go around! I think it's gonna get worse before it gets better.
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Replying to: michaell (Oct 02, 2008 6:58 pm) michaell wrote: "I think it's gonna get worse before it gets better. " Well the Gallup poll agrees with you. Despite not having yet the first declining quarter of lesser gnp, 33% believe we are in a depression, not the r word. 73% believe things will get worse before they get better. I hope your sales stay strong , but it's a severe credit crunch right now.Senator Harry Reid made a comment today that a large insurance company with a household name, is on the verge of bankruptcy. Every insurance company, even those that only sell life insurance took it badly today. Credit is frozen, commercial paper has broken down and tax free money market funds are yielding over 5% . Pass it, you idiot rebel Republicans. Your Newt Gingrich moment didn't even serve Newt very well. You know all those US dollars our foreign " friends " are holding ? It's in US short term interest bearing debt. Let's get them scared that the US financial system is breaking down and after they dump it finance it ourselves. New Edmunds column, How do 15 %car loans affect you ? Wall St., Main street, I have deliberately mis-spelled disgustiated. Angst= gone, disgust = unequivocal, congress = corrupt. Best of luck dealers .
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| I paid 9.5% on my first new car loan and 13.5% on my first 30 year mortgage. 11% on my 3rd mortgage, and 10.875% on my 7th 30 year home mortgage. At that point I traded down to a cheaper home and was able to get into the 8.5% range after renting for a year. I paid those high rates for 12 years and with stellar credit. now those rates are associated with preying on people and are attributed to the downfall of the economy. I could think of it as earning 13.5% rate of return when I made a prepayment. That was my best option. Today, things are so much easier to handle. | |
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Replying to: isellhondas (Oct 02, 2008 12:57 pm) You don't get out much, do you? 
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Replying to: duke23 (Oct 02, 2008 8:03 pm) A RECESSION is when your neighbor loses his job...a DEPRESSION is when you lose yours.
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Replying to: oldfarmer50 (Oct 03, 2008 4:55 am) |
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Replying to: oldfarmer50 (Oct 03, 2008 5:08 am) Ain't that the truth! Actually, is there a "real" definition for a depression, as there is for a recession? For example, a recession is supposed to be two consecutive quarters of negative growth. |
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"a recession is supposed to be two consecutive quarters of negative growth." That's the textbook definition. Whether we're actually in one at any given time depends on how much faith you put in the government's economic numbers. They say we're not in a recession. They also say that inflation is 4%. If you believe that, I have a trillion-dollar "rescue" bill to sell you.
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Toyota Offers 0% financing: http://online.wsj.com/article/SB122298565927399855.html?mod=googlenews_wsj |
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