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Detroit is crowing that the auto industry is back, but so far, at least, it is a success story built as much on a revival in lending as on the development of desirable cars.
After radically scaling back auto lending during the financial crisis, banks and the lending arms of the automakers have started to issue loans more aggressively. Borrowers of all types are now finding it much easier to obtain a loan compared with a few months ago.
Even car buyers with tarnished credit histories are getting financing, in some cases without making a down payment.
Originally posted by eldard
This is going to cause another scenario where people will have trouble meeting their bills ala subprime event of 2007.
Nobody is suggesting an imminent return to the heady, reckless days of the housing boom
Even car buyers with tarnished credit histories are getting financing, in some cases without making a down payment. More than 859,000 new cars were sold to consumers with a so-called subprime credit rating in 2010, a nearly 60 percent increase from the year before
“We had people coming to our showrooms that wanted to buy, but we couldn’t get them financed,” Mr. Maroone said in an interview. “We are now getting them the financing.”
Several factors contributed to the quick recovery of auto lending. Both banks and auto lenders can reap large profits on new loans, since interest rates near zero have kept the cost of their funds extremely low. Auto lending was also largely unaffected by the Dodd-Frank Act and other regulations,
Originally posted by TheImmaculateD1
There is an entire group who wanted the entire US Auto industry to die and it will not ever die.
I love how we are coming back and really don't care what's driving it the fact it is happening is amazing.
2012 Chrysler 200 Featuring Eminem - "Imported From Detroit"
www.youtube.com...
2011 Chevrolet Volt - "Chevy Runs Deep"
www.youtube.com...
2011 Chevrolet Corvette C6 - "America Still Builds Rockets"
www.youtube.com...
2011 Fisker Karma - "Debut"
www.youtube.com...
2008 Tesla Roadster
www.youtube.com...
Whoever does not like the fact that The American automobile industry is coming back needs to go away and are Nazi Terrorists.edit on 5-3-2011 by TheImmaculateD1 because: (no reason given)
Originally posted by dbriefed
Originally posted by TheImmaculateD1
There is an entire group who wanted the entire US Auto industry to die and it will not ever die.
I love how we are coming back and really don't care what's driving it the fact it is happening is amazing.
2012 Chrysler 200 Featuring Eminem - "Imported From Detroit"
www.youtube.com...
2011 Chevrolet Volt - "Chevy Runs Deep"
www.youtube.com...
2011 Chevrolet Corvette C6 - "America Still Builds Rockets"
www.youtube.com...
2011 Fisker Karma - "Debut"
www.youtube.com...
2008 Tesla Roadster
www.youtube.com...
Whoever does not like the fact that The American automobile industry is coming back needs to go away and are Nazi Terrorists.edit on 5-3-2011 by TheImmaculateD1 because: (no reason given)
Coming back? Are you joking?
The Chrysler 200 is nothing more than a Sebring. The only person proud of that car was 'Michael Scott' of 'The Office'.
Chevy sold 281 Volts in February, 321 in January.
green.autoblog.com... - Curretly avaiable in 6 states and DC and will go national by Q4 2011.
Corvette, is not a comeback car, it's always been tops. Except if you watch Top Gear where the fat man pokes at the bumpers.-The Corvette, like the Mustang and Viper was almost killed off because it allowed us to complete internationally.
Fisker was a taxpayer ripoff where that scammer Gore stole/loaned $529 Million from the US to start a carmaker in Finland. WTF? online.wsj.com... - Fisker is based out of California. Al Gore has nothing to do with Fisker. Partial assembly may be in Finland but Final Assembly is stateside.
Tesla is an electrified Lotus. Nothing ground breaking there. Due to battery materials and manufacturing, just shifting more manufacturing (batteries) and mining (rare earths) to Asia. seekingalpha.com... Panasonic has a major US office based in Secaucus, NJ who is looking to move to Jersey City, NJ which serves as the US hq for Panasonic North America. Panasonic is also Seacaucus' like 3rd or 4th largest employer behind The Township Of Seacaucus and Hartz Mountain (of Hartz pet food fame).
Ford was the only car maker who recovered without bailout money (though Ford of Europe got a $230Million bailout from Germany). Failed business models should've failed, killed off by their labor unions, inability to create robotic factories, regulation and bureaucracies that demand 'green' and 'electric', and their inability to get out of their huge pension plan debt.