Now the real question is the lack of credit demographic wide? Or is it just the people who are upside, seeking 72/84 months and getting into a car they have no business driving?
Prime customers never had or will have a problem with financing, BUT banks are getting stricter with borderline prime customers nowadays. They look more carefully at income to debt ratio, length at employment, and so on.
It's those customers that do qualify for loans, but at a higher than normal interest rates (10% +) therefore they're having second thoughts if they actually need a new car.
Like I said with sub prime, most don't care what the rate is or how much they're upside down. They'll keep on buying as long as the bank approves them at any cost.
Last month. No problem. The real underwriter is Chase, but it was Subaru deal. My FICO is in high 700s. No downpayment, in fact I cashed out the trade, so the loan covered 100% price and tax.
Enjoy your comments today guys, but just to add a bit of humor, to a slow day;
And Now, for the winner of this year's Darwin Award: (As always, awarded posthumously):
The Arizona Highway Patrol came upon a pile of smoldering metal embedded in the side of a cliff rising above the road at the apex of a curve. The wreckage resembled the site of an airplane crash, but it was a car. The type of car was unidentifiable at the scene. Police investigators finally pieced together the mystery. An amateur rocket scientist... Had somehow gotten hold of a JATO unit (Jet Assisted Take Off, actually a solid fuel rocket) that is used to give heavy military transport planes an extra 'push' for taking off from short airfields. He had driven his Chevy Impala out into the desert and found a long, straight stretch of road. He attached the JATO unit to the car, jumped in, got up some speed and fired off the JATO!
The facts as best as could be determined are that the operator of the 1967 Impala hit the JATO ignition at a distance of approximately 3.0 miles from the crash site. This was established by the scorched and melted asphalt at that location. The JATO, if operating properly, would have reached maximum thrust within 5 seconds, causing the Chevy to reach speeds well in excess of 350 mph and continuing at full power for an additional 20 -25 seconds. The driver, and soon to be pilot, would have experienced G-forces usually reserved for dog fighting F-14 jocks under full afterburners, causing him to become irrelevant for the remainder of the event.
However, the automobile remained on the straight highway for about 2.5 miles (15-20 seconds) before the driver applied and completely melted the brakes, blowing the tires and leaving thick rubber marks on the road surface, then becoming airborne for an additional 1.4 miles and impacting the cliff face at a height of 125 feet leaving a blackened crater 3 feet deep in the rock. Most of the driver's remains were not recoverable. Epilogue: It has been calculated that this moron attained a ground speed of approximately 420-mph, though much of his voyage was not actually on the ground.
golic....looks like Cerebus is doing a good bit of "spin" regarding Chrysler's woes. Sounds like they're taking lessons from their Daimler partner with Chrysler's ownership.
Response has been tepid with their new releases of products. 300 is long in the tooth....as is the Grand Cherokee. Sebring was just voted one of the worst cars for '08, along with the Durango/Aspen, Caliber/Nitro.
That doesn't have anything to do with their woes, right? Must be they can't get their customers the loans.
Personally, albeit too late, I don't know why we offered Cerebus any loans. They're a private company. What started as a downward spiral under Daimler's direction (remember the "merger of equals"?), continued under Cerebus. We owe Daimler and Cerebus a loan why, exactly?
One company (Daimler) is a foreign entity. The other (Cerebus) is a private firm that buys, strips and flips their holdings. Both failed miserably.
GM's loan I understand. Chrysler's is just throwing good money after bad.
Lest anyone think I'm "anti-Chrysler", I'm not. When young GG was still sucking his thumb, my Father used to be all in love with those Chrysler and Imperial land yachts of old. They hold a special place in my heart.
But putting nostalgia aside, Chrysler's bailout makes no sense to me.
Well, the hillbilly rocket launcher (that may not be the exact term they used) was a myth surrounding a good 'ol boy who wanted to burn up a raccoon that had made a burrow in a culvert. The story says the guy poured gas into the culvert and then lit it. The resulting explosion launched the hillbilly into the air for some distance. The mythbusters tried everything to achieve this effect (including gun power) and couldn't. Myth busted.
The rotten corpse was a story that once upon a time a woman died inside her brand new Corvette inside a hot garage. Her body was not discovered for weeks. The resulting stink could never be removed so the myth says.
The mythbusters purchased a used Vette and put a dead pig inside. They left the whole mess in a shipping container for a month or so and then tried to sell the car to different people. No one would touch it even though the guys tried everything to de-stink the car. They even tore the interior out down to the metal and the smell was still so bad they had to sell it for parts. Myth confirmed.
BTW, I'm hearing ads from a local high-line store that they will be having investment seminars in their showroom every Saturday. That's kind of clever don't you think? Get all the people who still have money in the door to look at your stuff?
Now if they would only combine that with the affair GG went to where they feed you shrimp and booze it would be the perfect week-end outing.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
and other forms of "creative financing" may have finally dried up, or perhaps not.
It was on these forums that I learned that such things were even possible. Who would loan 125% or more of the value of a vehicle to anyone who actually needed it done that way? Those with the kind of credit that makes such a deal low-risk wouldn't be caught dead doing it.
Maybe the 20-30% (or more?) of people who "bought" cars this way are the ones no longer in the market.
tidester wrote: " Actually, Dubya has an MBA from Harvard ('75). " That he does, reputedly in the bottom 10% of his class ( remains to be substantiated) he was denouced by former professor, Yoshi Tsurumi. And I remain impressed by his academic and business credentials. I also believe that $147 oil was caused by supply and demand, (tic).
tidester wrote: " LoL! Two of them just filled out credit apps themselves and the President is about to sign off $18B or so this very morning. " 17B and change but who's counting ? The aforementioned shamed into to said bailout. Interest rate and a maturity during a credit crisis but a bailout ? Regardless the day before his press secretary, stated that they were considering an "orderly bankruptcy" . Poison the well and capitulate. Reversals of posture have become common.But I am very willing to hear your opinions of the good job gwb has done. A tad more than light rhetoric required this time.
Smarter and more honest shopper. Not one smidgen of compensation from Edmunds. 37 is sad,the few salesmen that haven't been banned have stated publicly, aside from some So Cal Weenies, or the former. Sales do suck. It's called a recession. Honesty vs topical does not exist here so you can do,what you feel or your ego thinks you must. Think I'll shut my trap here. The parrot say's " you know". Who couldn't resist, you know.
So did all the clowns who ran the banks and insurance companies and car companies into the ground. We should appoint "Joe the plumber" to these positions.. He certainly couldn't do a worse job.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
oldfarmer50 wrote : "Hmmmmm. A college professor who hates republicans.....who would have thought?" Perhaps even one more conservative than thou. I am truly ashamed. Moron is as,moron does .I'll buy your farm at a dollar a day and a dollar down. Firm offer. At least Yoshi had a clue. Time to reveal yourself.
Just to make certain I'm understanding this Chrysler loan, they get $4B. They've got 3-4 months to put a plan in place that shows they're business is sustainable and economically viable.
If, as they say, the problem is their inability to get their customers financed. This, coming from a company who has the majority of stock in one of the largest automotive financing entities in the country....GMAC. So, why not do the loans themselves on Chrysler products?
I've seen no particular product announcement from ChryCo, stating that they've got some "ah-hah" products ready to roll out.
Me thinks that when March rolls around, Chrysler is either absorbed by GM, or it's inevitably in bankruptcy court Plants still get shuttered. Workers are still let go. And, a good chunk of that "loan" money is massaged into the pockets of Cerebus and Daimler. While the American taxpayer is left with some words to the effect of...."well, we tried, but just couldn't turn the corner". We won't even get a "thanks"!
The Chrysler loan just smells to high heaven (worse than putting a dead pig into a 'vette for a month).
'...Perhaps even one more conservative than you..."
Sorry, but I refuse to be categorized as such. Democrat for most of my life. Just hate cheap shots. Didn't like 'em when they bashed Clinton either.
As for the offer on the farm, here's my counter offer. Give me a dollar down and then double it each day for a month. Day 1--$1. Day 2---$2 Day 3---$4. Day 4--$8. And so on until the end of the month.
What you say, sound fair?
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
The auto loans are just another political card trick.
We waste 3 weeks of hearings only to offer a bail out package contingent on the UAW making drastic concessions. Congress knowing full well the UAW would not go along with this.
Yet, we give AIG 3x the money and Congress doesn't even bother to ask who to make the check out to? Is AIG more worthy than the Big 3, or could it be that there have been more "sweetheart" congressional deals in the past, which could come out during the investigation of the collapse?
So, now the GOP comes in and gives aide through March 31? Why March 31st? Could that be "just" far enough into the Obama presidency and period where the Dems hold massive majorities in Congress, so now the Big 3 collapses during their watch???
Aside from all that - and I will get to my on topic part soon. Lets face it, the industry created a market where there was a significant portion of buyers who either sought financing in excess of 60 months and/or either needed to also roll over a significant negative equity into a newer more expensive car. The banks/dealers profited on this market, and now - will need to face the repercussions.
So now I hear there may be "tax credits" coming in 2009 to encourage the purchase of American cars. I just hope they come soon, since my lease ends in February!!
I love it. The government spends $2 of our money to give us back $1 of our money. Why don't they just tell us to reduce our tax payments by the $1 and save the administrative costs.
I have mixed feelings about these bailouts. I don't want to see the big 3 go away but I just don't see how these loans will help in the long run.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
I have mixed feelings about these bailouts. I don't want to see the big 3 go away but I just don't see how these loans will help in the long run.
I agree - unfortunately, I don't see how giving away our hard earned money will make up for the fact that during the past 15 years, the big 3 have not created a truly innovative product the American public wants. If I can get everything I want/need for $10K less by buying a Japanese or Korean vehicle that outlasts its American counterpart, why shouldn't I? I am still supporting American workers, as many of these cars are built here now anyway.
Remember when GM introduced the Northstar engine? THAT was a great invention, so GM decided not to improve upon it - great thinking to keep us ahead of the curve. Toyota, if I recall, purchased many of these Northstar engines, took them apart, improved them, and made the Lexus the premier luxury car on the planet, IMHO
My final verdict - Chrysler :sick: does not deserve a dime. GM needs to trim the fat, and THEN we can help them develop the Volt for a reasonable cost to lower our foreign oil dependency. Ford deserves pretty much anything they want at this point, since they have actually been improving product this century.
Speaking of Chrysler, I witnessed a sad sight today. I took the convertible in for an oil change in preparation for our Christmas trip. While I waited, I wandered into the showroom as I usually do. There were two salesmen playing cards, one salesman reading the paper, and one salesman asleep with his feet propped up on his desk. When I asked where my favorite salesman was, the response was, "Oh, he's working at the Toyota place now." There was one salesman walking the lot---in the 30 degree cold snap. Feeling sorry for him, I walked outside to chat with him. During the conversation, he indicated that he thought that a salesman should look busy and professional. I admired his comment. As for Chrysler going under, he said that he hated to even think about it. He defended the Chrysler products as a good salesman would do.
My service guy came out to offer me a free Christmas car wash, detailed inside and out. I was happy with that because I had planned to get the car washed when I left the dealership. It was a $16 gift that I hadn't counted on today. This service department is tops all of the time---very customer oriented.
I was thinking on the way home about the personal lives involved at the base level. You wonder if upper management ever thinks about all of these people who have families and bills to pay. For that reason alone, I can see the importance of a bail out in some fashion. It wasn't the salesmen or the service personnel who caused all of these problems. Be of good cheer. It can't last forever.
So, now the GOP comes in and gives aide through March 31? Why March 31st? Could that be "just" far enough into the Obama presidency and period where the Dems hold massive majorities in Congress, so now the Big 3 collapses during their watch???
Very good. You catch on. This is their answer to the question "how stupid do they think we are?"
Sorry to say that I think Chrysler is toast. Already dead but they haven't let on yet.
Lat I heard the end of what product they have in the works at all ends in 3 years. And execs are jumping. Sad.
2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
But lets quit focusing on the negative. I challenge every one to come up with at least 10 positive notes for there favorite brand.
Heres mine courtesy of my Ford Rep.
• New 2009 F-150 Wins Motor Trend Truck of the Year!
• Ford Flex Named AUTOMOBILE Magazine All-Star!
• No other brand or company in the U.S. has received more government 5-star crash test ratings than Ford!
• The Ford F-Series and Ford Flex are rated as two of the 10 Best New Cars of 2009 by BusinessWeek!
• 16 2008 Ford vehicles are rated Best Pick by the Insurance Institute for Highway Safety (IIHS), more than any other automaker!
• Ford Division has 15 car, truck and SUV choices that get 25 mpg or better!
• Both our Escape Hybrid and Focus deliver more than 34 mpg!
• We’re doubling the number and volume of hybrids we offer in 2009. The new hybrid lineup includes the Ford Escape Hybrid, the most fuel-efficient SUV in the world!
• Also coming are the Ford Fusion Hybrid and Mercury Milan Hybrid, which are expected to get at least 39 mpg which is at least 6 mpg better than Toyota Camry Hybrid!
• We have more trucks on the road with 250,000 miles than any other brand!
• For 2010, our new Ford Fusion and Mercury Milan models will all be available with our smooth, efficient six-speed automatic transmission. They’ll deliver up to 10% higher mileage. The new hybrid models will take you up to 47 mph in electric mode with a range of 700 miles on a tank of gas. This is what AutoWeek magazine had to say about it: ‘Clearly, Ford has learned how to make cars that are among the best available – and it’s coming to play on American roads.’
Comments
Prime customers never had or will have a problem with financing, BUT banks are getting stricter with borderline prime customers nowadays. They look more carefully at income to debt ratio, length at employment, and so on.
It's those customers that do qualify for loans, but at a higher than normal interest rates (10% +) therefore they're having second thoughts if they actually need a new car.
Like I said with sub prime, most don't care what the rate is or how much they're upside down. They'll keep on buying as long as the bank approves them at any cost.
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
2018 430i Gran Coupe
And Now, for the winner of this year's Darwin Award:
(As always, awarded posthumously):
The Arizona Highway Patrol came upon a pile of smoldering metal embedded in the side of a cliff rising above the road at the apex of a curve. The wreckage resembled the site of an airplane crash, but it was a car. The type of car was unidentifiable at the scene. Police investigators finally pieced together the mystery. An amateur rocket scientist... Had somehow gotten hold of a JATO unit (Jet Assisted Take Off, actually a solid fuel rocket) that is used to give heavy military transport planes an extra 'push' for taking off from short airfields. He had driven his Chevy Impala out into the desert and found a long, straight stretch of road. He attached the JATO unit to the car, jumped in, got up some speed and fired off the JATO!
The facts as best as could be determined are that the operator of the 1967 Impala hit the JATO ignition at a distance of approximately 3.0 miles from the crash site. This was established by the scorched and melted asphalt at that location.
The JATO, if operating properly, would have reached maximum thrust within 5 seconds, causing the Chevy to reach speeds well in excess of 350 mph and continuing at full power for an additional 20 -25 seconds. The driver, and soon to be pilot, would have experienced G-forces usually reserved for dog fighting F-14 jocks under full afterburners, causing him to become irrelevant for the remainder of the event.
However, the automobile remained on the straight highway for about 2.5 miles (15-20 seconds) before the driver applied and completely melted the brakes, blowing the tires and leaving thick rubber marks on the road surface, then becoming airborne for an additional 1.4 miles and impacting the cliff face at a height of 125 feet leaving a blackened crater 3 feet deep in the rock. Most of the driver's remains were not recoverable.
Epilogue: It has been calculated that this moron attained a ground speed of approximately 420-mph, though much of his voyage was not actually on the ground.
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
http://www.snopes.com/autos/dream/jato.asp
the version you posted was collected in 1995.
Thanks for letting me know wl.
It was still a pretty good story though. Someone has a good imagination.
D100
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
"someone HAD a good imagination"
Wonderful! I'll sign for a new 2010 Mustang GT at 0% for 5 years.
I need something to take my mind off the weather. Yesterday I actually saw a dog sled driving down the road.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
That is an urban myth that was debunked by "Mythbusters" some years ago.
The mythbusters actually got a 1967 Impala and a Military JATO rocket for the test. They took it out to the salt flats and let 'er rip.
They were able to get the old car up to about 200 mph but it never left the ground thus debunking the myth.
I much prefer the myths about the "hillbilly rocket launcher" or "the rotten corpse in the Vette".
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
You're right. About as bad as the Titans chances against the Steelers tomorrow!!
I hope you have a big ole jug of the stuff to get over that one
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
I'm not familiar with those. Tell us more. Hurry - before my wife makes me go out & shovel snow.
Response has been tepid with their new releases of products. 300 is long in the tooth....as is the Grand Cherokee. Sebring was just voted one of the worst cars for '08, along with the Durango/Aspen, Caliber/Nitro.
That doesn't have anything to do with their woes, right? Must be they can't get their customers the loans.
Personally, albeit too late, I don't know why we offered Cerebus any loans. They're a private company. What started as a downward spiral under Daimler's direction (remember the "merger of equals"?), continued under Cerebus. We owe Daimler and Cerebus a loan why, exactly?
One company (Daimler) is a foreign entity. The other (Cerebus) is a private firm that buys, strips and flips their holdings. Both failed miserably.
GM's loan I understand. Chrysler's is just throwing good money after bad.
Lest anyone think I'm "anti-Chrysler", I'm not. When young GG was still sucking his thumb, my Father used to be all in love with those Chrysler and Imperial land yachts of old. They hold a special place in my heart.
But putting nostalgia aside, Chrysler's bailout makes no sense to me.
Since we are now discussing the Cube don't you think that Nissan is abusing their right to make ugly cars?
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
LOL.....Good one J
GP
Since we are now discussing the Cube don't you think that Nissan is abusing their right to make ugly cars?
They have been talking about this vehicle since 2004. I have not heard of any release dates.
GP
Typical bait and switch. I bet you wouldn't even drive it up to me in NY would you? :P
Anyway, it's still 21 years before I'll be in the market again, so I can wait.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Well, the hillbilly rocket launcher (that may not be the exact term they used) was a myth surrounding a good 'ol boy who wanted to burn up a raccoon that had made a burrow in a culvert. The story says the guy poured gas into the culvert and then lit it. The resulting explosion launched the hillbilly into the air for some distance. The mythbusters tried everything to achieve this effect (including gun power) and couldn't. Myth busted.
The rotten corpse was a story that once upon a time a woman died inside her brand new Corvette inside a hot garage. Her body was not discovered for weeks. The resulting stink could never be removed so the myth says.
The mythbusters purchased a used Vette and put a dead pig inside. They left the whole mess in a shipping container for a month or so and then tried to sell the car to different people. No one would touch it even though the guys tried everything to de-stink the car. They even tore the interior out down to the metal and the smell was still so bad they had to sell it for parts. Myth confirmed.
BTW, I'm hearing ads from a local high-line store that they will be having investment seminars in their showroom every Saturday. That's kind of clever don't you think? Get all the people who still have money in the door to look at your stuff?
Now if they would only combine that with the affair GG went to where they feed you shrimp and booze it would be the perfect week-end outing.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Thanks!
I own a Chrysler but I still agree with you. We shouldn't be bailing out privately held companies. We'll never see that money again.
Richard
It was on these forums that I learned that such things were even possible. Who would loan 125% or more of the value of a vehicle to anyone who actually needed it done that way? Those with the kind of credit that makes such a deal low-risk wouldn't be caught dead doing it.
Maybe the 20-30% (or more?) of people who "bought" cars this way are the ones no longer in the market.
Let's face it, it was done 1) to keep workers and suppliers working and 2) to pass the problem on to the new president.
That's all "W" needs, is to be blames for the destruction of the American automobile industry :sick:
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
" Actually, Dubya has an MBA from Harvard ('75). "
That he does, reputedly in the bottom 10% of his class ( remains to be substantiated) he was denouced by former professor, Yoshi Tsurumi.
And I remain impressed by his academic and business credentials. I also believe that $147 oil was caused by supply and demand, (tic).
Well, there is theory on the one hand and the real world on the other. :P
tidester, host
SUVs and Smart Shopper
" LoL! Two of them just filled out credit apps themselves and the President is about to sign off $18B or so this very morning. "
17B and change but who's counting ? The aforementioned shamed into to said bailout. Interest rate and a maturity during a credit crisis but a bailout ? Regardless the day before his press secretary, stated that they were considering an "orderly bankruptcy" . Poison the well and capitulate. Reversals of posture have become common.But I am very willing to hear your opinions of the good job gwb has done. A tad more than light rhetoric required this time.
37 is sad,the few salesmen that haven't been banned have stated publicly, aside from some So Cal Weenies, or the former. Sales do suck. It's called a recession. Honesty vs topical does not exist here so you can do,what you feel or your ego thinks you must. Think I'll shut my trap here. The parrot say's " you know". Who couldn't resist, you know.
So did all the clowns who ran the banks and insurance companies and car companies into the ground. We should appoint "Joe the plumber" to these positions.. He certainly couldn't do a worse job.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Hmmmmm. A college professor who hates republicans.....who would have thought? :confuse:
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Now THAT is the real reason he did it.
Richard
M---Mentality
B---Below
A---Average
Richard
M---Mentality
B---Below
A---Average
That is funny.
By the way, where is alej? :confuse:
2017 MB E400 , 2015 MB GLK350, 2014 MB C250
Happens all of the time.
On topic: Lots of people drove to/from the game.
"Hmmmmm. A college professor who hates republicans.....who would have thought?"
Perhaps even one more conservative than thou. I am truly ashamed. Moron is as,moron does .I'll buy your farm at a dollar a day and a dollar down. Firm offer. At least Yoshi had a clue. Time to reveal yourself.
You left out the part about those being potential customers test driving the cars. :P
tidester, host
SUVs and Smart Shopper
If, as they say, the problem is their inability to get their customers financed. This, coming from a company who has the majority of stock in one of the largest automotive financing entities in the country....GMAC. So, why not do the loans themselves on Chrysler products?
I've seen no particular product announcement from ChryCo, stating that they've got some "ah-hah" products ready to roll out.
Me thinks that when March rolls around, Chrysler is either absorbed by GM, or it's inevitably in bankruptcy court Plants still get shuttered. Workers are still let go. And, a good chunk of that "loan" money is massaged into the pockets of Cerebus and Daimler. While the American taxpayer is left with some words to the effect of...."well, we tried, but just couldn't turn the corner". We won't even get a "thanks"!
The Chrysler loan just smells to high heaven (worse than putting a dead pig into a 'vette for a month).
Sorry, but I refuse to be categorized as such. Democrat for most of my life. Just hate cheap shots. Didn't like 'em when they bashed Clinton either.
As for the offer on the farm, here's my counter offer. Give me a dollar down and then double it each day for a month. Day 1--$1. Day 2---$2 Day 3---$4. Day 4--$8. And so on until the end of the month.
What you say, sound fair?
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
The Steelers got clubbed like a baby seal
They were lay downs
Played like a bunch of get me dones
We waste 3 weeks of hearings only to offer a bail out package contingent on the UAW making drastic concessions. Congress knowing full well the UAW would not go along with this.
Yet, we give AIG 3x the money and Congress doesn't even bother to ask who to make the check out to? Is AIG more worthy than the Big 3, or could it be that there have been more "sweetheart" congressional deals in the past, which could come out during the investigation of the collapse?
So, now the GOP comes in and gives aide through March 31? Why March 31st? Could that be "just" far enough into the Obama presidency and period where the Dems hold massive majorities in Congress, so now the Big 3 collapses during their watch???
Aside from all that - and I will get to my on topic part soon. Lets face it, the industry created a market where there was a significant portion of buyers who either sought financing in excess of 60 months and/or either needed to also roll over a significant negative equity into a newer more expensive car. The banks/dealers profited on this market, and now - will need to face the repercussions.
So now I hear there may be "tax credits" coming in 2009 to encourage the purchase of American cars. I just hope they come soon, since my lease ends in February!!
I love it. The government spends $2 of our money to give us back $1 of our money. Why don't they just tell us to reduce our tax payments by the $1 and save the administrative costs.
I have mixed feelings about these bailouts. I don't want to see the big 3 go away but I just don't see how these loans will help in the long run.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
I agree - unfortunately, I don't see how giving away our hard earned money will make up for the fact that during the past 15 years, the big 3 have not created a truly innovative product the American public wants. If I can get everything I want/need for $10K less by buying a Japanese or Korean vehicle that outlasts its American counterpart, why shouldn't I? I am still supporting American workers, as many of these cars are built here now anyway.
Remember when GM introduced the Northstar engine? THAT was a great invention, so GM decided not to improve upon it - great thinking to keep us ahead of the curve. Toyota, if I recall, purchased many of these Northstar engines, took them apart, improved them, and made the Lexus the premier luxury car on the planet, IMHO
My final verdict - Chrysler :sick: does not deserve a dime. GM needs to trim the fat, and THEN we can help them develop the Volt for a reasonable cost to lower our foreign oil dependency. Ford deserves pretty much anything they want at this point, since they have actually been improving product this century.
Lead, follow, or get out of the way. :shades:
My service guy came out to offer me a free Christmas car wash, detailed inside and out. I was happy with that because I had planned to get the car washed when I left the dealership. It was a $16 gift that I hadn't counted on today. This service department is tops all of the time---very customer oriented.
I was thinking on the way home about the personal lives involved at the base level. You wonder if upper management ever thinks about all of these people who have families and bills to pay. For that reason alone, I can see the importance of a bail out in some fashion. It wasn't the salesmen or the service personnel who caused all of these problems. Be of good cheer. It can't last forever.
Richard
Very good. You catch on. This is their answer to the question "how stupid do they think we are?"
Sorry to say that I think Chrysler is toast. Already dead but they haven't let on yet.
Lat I heard the end of what product they have in the works at all ends in 3 years. And execs are jumping. Sad.
Now their loss for the year is only equal to the monthly loss for Detroit, but it seems to point out that this is a really unusual sales environment.
I wish I had some money, I would buy a car TODAY.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
But lets quit focusing on the negative. I challenge every one to come up with at least 10 positive notes for there favorite brand.
Heres mine courtesy of my Ford Rep.
• New 2009 F-150 Wins Motor Trend Truck of the Year!
• Ford Flex Named AUTOMOBILE Magazine All-Star!
• No other brand or company in the U.S. has received more government 5-star crash test ratings than Ford!
• The Ford F-Series and Ford Flex are rated as two of the 10 Best New Cars of 2009 by BusinessWeek!
• 16 2008 Ford vehicles are rated Best Pick by the Insurance Institute for Highway Safety (IIHS), more than any other automaker!
• Ford Division has 15 car, truck and SUV choices that get 25 mpg or better!
• Both our Escape Hybrid and Focus deliver more than 34 mpg!
• We’re doubling the number and volume of hybrids we offer in 2009. The new hybrid lineup includes the Ford Escape Hybrid, the most fuel-efficient SUV in the world!
• Also coming are the Ford Fusion Hybrid and Mercury Milan Hybrid, which are expected to get at least 39 mpg which is at least 6 mpg better than Toyota Camry Hybrid!
• We have more trucks on the road with 250,000 miles than any other brand!
• For 2010, our new Ford Fusion and Mercury Milan models will all be available with our smooth, efficient six-speed automatic transmission. They’ll deliver up to 10% higher mileage. The new hybrid models will take you up to 47 mph in electric mode with a range of 700 miles on a tank of gas. This is what AutoWeek magazine had to say about it: ‘Clearly, Ford has learned how to make cars that are among the best available – and it’s coming to play on American roads.’