Automakers in deep trouble..

[runeight]

The next bailout will be the auto compaines. 25 billion was already given from the bailout package and another 25 billion is being requested.

Now, if only people could afford cars huh? We can bail them out but where is the capital going to come from? Most of the bailout monies are going into healthcare/pension programs of the retirement force.


Banks not lending. Car sales in the dumper. Stocks in the dumper. Dow falling. Unemployment rising. BO has his work cut out for him. Will see eh?

I feel the next two years are going to be bad. For those with little debt good on you. High debt, look out. I'll have to ride my stocks out with the premise I'm buying them cheap. Whether the stocks make a profit is yet to be seen.

r8

GM Sales Plunge 45%, Ford Sales Dive 30% in October - FOXBusiness.com

 

[JBradley0181]

Better be giving back to the consumer why should we have to pay twice for something we already own

 

[runeight]

Better be giving back to the consumer why should we have to pay twice for something we already own

Oh, paying twice is going to happen more often now.

Funny isn't it. For years automakers lobbied for lower CAFE standards, EPA for emissions and sold $50,000 trucks. (51% of sales)

BAM! High fuel prices took care of that. Now, they scramble to build fuel efficient cars but no capital to do so. Another bailout? You bet.

Here comes the Goverment.

r8

 

[Pinky Winky]

oh, paying twice is going to happen more often now.

Funny isn't it. For years automakers lobbied for lower cafe standards, epa for emissions and sold $50,000 trucks. (51% of sales)

bam! High fuel prices took care of that. Now, they scramble to build fuel efficient cars but no capital to do so. Another bailout? You bet.

Here comes the goverment.

R8

+10000

 

[Mr Bogus]

well it costs money to give willing an able people incentive to "not" work.. I figured I was going to quit making house payments, quit my job and let BO give me my share of Freebies... isnt that how it works? Really, I watched Judge Joe Brown and a guy was planning his vacation and NEW motorcycle around his "entitlement" check that was 2 weeks late... uke: time for a change alrighty...

 

[runeight]

Not sure when you moved to Ft. Wayne Randy but in my day there was Fruhoff trailers(sp), International Harvester and much more.

When manufacturing of trucks and trailers dry up it's amazing how it affects the small suppiers of parts in the area. Trickels righ to the bottom of the chain.

I can't imagine what effect automakers will have on suppliers and jobs. I expect the worse.

I wonder if McCain said "I'm glad I lost" yet.

r8

 

[shawnski]

ford lost 129 million reported.
things are slow in my dealership and i work for honda. the biggest challenge has been getting people approved for financing and that is hurting our business the most.
people with 800 beacon the honda finance asking for proof of income and bunch of references!
chrysler, gm don't finance anyone under 700 beacon.! in the past you had a job and you could breath they financed you!

time to tighten up everything, it won't get better anytime soon!

 

[runeight]

ford lost 129 million reported.
things are slow in my dealership and i work for honda. the biggest challenge has been getting people approved for financing and that is hurting our business the most.
people with 800 beacon the honda finance asking for proof of income and bunch of references!
chrysler, gm don't finance anyone under 700 beacon.! in the past you had a job and you could breath they financed you!

time to tighten up everything, it won't get better anytime soon!

800 and they want more proof! WOW! My score was there and the dealer told me less than 10% even qualify for 5.4% from Toyota with that credit score. I figured lending was going to get high so I jumped on the financing and took the $4500 cash back.

Guess when I bought the new Tundra it was the right time huh?

Boy, if this post doesn't say it all.

r8

 

[shawnski]

800 and they want more proof! WOW! My score was there and the dealer told me less than 10% even qualify for 5.4% from Toyota with that credit score. I figured lending was going to get high so I jumped on the financing and took the $4500 cash back.

Guess when I bought the new Tundra it was the right time huh?

Boy, if this post doesn't say it all.

r8

yab... very hard to finance people 72 months now, if your upside down on trade better have good amount of money down because 120-140% financing are history now!

 

[runeight]

yab... very hard to finance people 72 months now, if your upside down on trade better have good amount of money down because 120-140% financing are history now!

So, would you say 70% of your possible sales will not qualify?

r8

 

[Mr Bogus]

Well I guess they figured out they are expected to make sure their loans are good "unlike" the "realestate" guys that gave away the farm huh?

"Hi I need a $250,000 house on a 35K salary with 0 down.. Oh no problem"
"Hi I need a $15,000 car on a 35K salary... did your mom sign for this?"

 

[runeight]

Well I guess they figured out they are expected to make sure their loans are good "unlike" the "realestate" guys that gave away the farm huh?

"Hi I need a $250,000 house on a 35K salary with 0 down.. Oh no problem"
"Hi I need a $15,000 car on a 35K salary... did your mom sign for this?"

The glass house is falling huh? I have an offer for a 0% balance transfer for a year. Something is telling me to take it because these offers will not be around again.

I already received several wanting 5.99% for transfers.

r8

 

[runeight]

GM loses 2.5 billion in the third quarter. Just announced.

r8

 

[shawnski]

So, would you say 70% of your possible sales will not qualify?

r8

alot of deals are going to outside finance like credit union etc...
there are alot of repos and that is why they are getting very cautious on who to finance just like mortgage.
the result will be not enough finances and cut backs of staff.

 

[MPH 200]

I have worked for Lexus in the service department for over 6 years. Sales are down, but we are doing ok in service. People are fixing the old car instead of trading it in.

I am going to buy a new Toyota truck in May, hope the prices will still be low & I better not have a finance problem. I am a 830 & my Wife is a 833.

 

[runeight]

alot of deals are going to outside finance like credit union etc...
there are alot of repos and that is why they are getting very cautious on who to finance just like mortgage.
the result will be not enough finances and cut backs of staff.

So, if a manufacture was offering 0% financing they still don't qualify thus going to outside financing at a higher intrest rate?

Last time I checked it was 9.99% at my credit union with a top credit score.

r8

 

[runeight]

I have worked for Lexus in the service department for over 6 years. Sales are down, but we are doing ok in service. People are fixing the old car instead of trading it in.

I am going to buy a new Toyota truck in May, hope the prices will still be low & I better not have a finance problem. I am a 830 & my Wife is a 833.

It will be a wonderful time to buy. Just hang on.

r8

 

[shawnski]

So, if a manufacture was offering 0% financing they still don't qualify thus going to outside financing at a higher intrest rate?

Last time I checked it was 9.99% at my credit union with a top credit score.

r8

if you have very good credit and they offer special rate you still get it, they are just getting alot more detail with you credit ap. , income etc...
in the past we probably could have pushed the finance people to buy in deals for special rate with as low as 680 beacon, well... now that is not the case.

 

[WWJD]

bad business plain and simple, just like any other bad business. let them fall. let all the overpaid workers get normal jobs at Burger King and Blimpie. I'll walk or ride a bicycle to my job if I have to.

let America rebalance itself and find its REAL priorities in life: no more $300 cell phone bill, no more $50,000 trucks, no more 1.5 million dollar houses they shouldn't have afforded in the first place.

 

[Projekt]

bad business plain and simple, just like any other bad business. let them fall. let all the overpaid workers get normal jobs at Burger King and Blimpie. I'll walk or ride a bicycle to my job if I have to.

let America rebalance itself and find its REAL priorities in life: no more $300 cell phone bill, no more $50,000 trucks, no more 1.5 million dollar houses they shouldn't have afforded in the first place.

F**K Yes!!!!