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Started By
Message
re: The coming automobile market collapse and what it means
Posted on 7/24/22 at 8:55 pm to TigerAttorney
Posted on 7/24/22 at 8:55 pm to TigerAttorney
quote:
I was literally just looking at vehicles. The going interest rate for excellent credit is in the 7’s. That’s insane
I bought one earlier this month and my rate was 3.75%…. Idk where you’re getting the 7% for excellent credit unless things have changed within the last 3 weeks…
0
Posted on 7/24/22 at 8:59 pm to anc
Not only do they want us driving only EVs, but they want the masses forced to use public transportation by pricing them out of the vehicle market. The more people dependent on the gubment for transportation, the more control they have and the less freedom the people have. In my opinion, that is the real goal: to force as many people as possible into public trans.
Posted on 7/24/22 at 9:05 pm to TigerFlask
I’d love to see how those idiots make public transportation work in rural areas. Where I live I’m 20 mins from the nearest town. You can’t even get a pizza delivered to where I live. Door dash? Ha! Forget it. Taxis won’t even take you to where I live. I’m in the country, son!
Posted on 7/24/22 at 9:10 pm to RobertFootball
quote:They want you in a city. Unless you're on a collective farm. Then they want you unable to escape. (see China for examples). The inability to travel is a feature. Not a flaw to the Left.
I’d love to see how those idiots make public transportation work in rural areas.
Posted on 7/24/22 at 9:13 pm to TigerAttorney
quote:
The going interest rate for excellent credit is in the 7’s
WTF? GMC is running ads for zero percent interest:
Posted on 7/24/22 at 9:16 pm to anc
at this point as long as i get the trucks i ordered for work i dont give a damn.
Posted on 7/24/22 at 9:18 pm to momentoftruth87
quote:
Thanks dems for making our population stupid
how do you measure for that?
This post was edited on 7/24/22 at 9:19 pm
Posted on 7/24/22 at 9:18 pm to CelticDog
quote:
rich people are republicans.
You are retarded.
Posted on 7/24/22 at 9:19 pm to CelticDog
quote:
rich people are republicans.
Posted on 7/24/22 at 9:37 pm to iAmBatman
quote:
I always pay cash for new vehicles.
Because you’re a moron and don’t understand TVM.
Also, only suckers buy new cars
You are the moron.
Thanks to relatives I get employee discount.
I get them cheaper than the dealerships get them.
I always take the rebates and pay cash.
I get them so cheap that I am not permitted to sell them for at least 6 months because I could turn a profit on them the day I drive off the lot.
Until covid I would trade each year and it only costs me a few hundred.
One year they even had to pay me to trade in a year old truck with 20k miles on it for a nicer version of the same truck, newer model year.
This post was edited on 7/24/22 at 9:40 pm
Posted on 7/24/22 at 9:40 pm to anc
You see people driving around with 80k vehicles making 40k a year.
Posted on 7/24/22 at 9:46 pm to TigerAttorney
quote:
The going interest rate for excellent credit is in the 7’s. That’s insane.
I just got 5% through my local credit union, but my credit score is 813.
Posted on 7/24/22 at 10:44 pm to CelticDog
quote:
how do you measure for that?
Common sense, fool. Every broke a-hole thinks they are rich with their challenger and not knowing what they got into. Finance trips to Disney.
People will lose their minds when this eventually has to correct.
Posted on 7/24/22 at 11:41 pm to p&g
quote:
Derp
Yeah you’re right. Pay all that interest instead that’s a much smarter idea!
Posted on 7/24/22 at 11:52 pm to RobertFootball
quote:
The trick is to finance at the price you want and pay it off in the first month or two.
This is smart if you can pull it off. I could have payed off in cash the last car I bought, it was only 6 months old and I got a 2.5 rate so why do it. Just had lucky timing as it was right before car prices went crazy.
Crazy a year after I bought the car, I could have sold it for at least 7k more than what I paid lol.
This post was edited on 7/24/22 at 11:53 pm
Posted on 7/25/22 at 12:11 am to Townedrunkard
I'm seeing a ton of ignorance and untruths in this thread. With excellent credit, I'm still getting customers in the upper 2's to mid 3's, especially if the LTV and DTI are around 105% and less than 15%. As for interest rate mark up, there's laws in place to prevent that. In MS, for example, the highest you can mark up is 2%, which a lot of banks are going away from and just paying dealers a flat now. New cars have never been the money makers, it was the used cars that made the money on the front and the back end has never averaged higher than the front on used.
I know some of you want to make out like you're some kind of badass negotiator, but car dealers have made it so easy now since the Internet is such a big player. I've trained sales to never lie to a customer and if I caught them doing so, I would fire them on the spot. You have to be transparent in today's market if you want to stay in it.
Cash for clunkers ruined the cheaper car market and led to what we're seeing now. Also, cheap trucks just don't sell. You can have the plain Jane base model and it'll sit on your lot for months, meanwhile, the King Ranch or the AT4's are gonna be flying out. Financing has tightened up a little bit, but I'm still able to get the subprime customer approved without raking them across the coals completely. 5 years ago was a different story.
I know some of you want to make out like you're some kind of badass negotiator, but car dealers have made it so easy now since the Internet is such a big player. I've trained sales to never lie to a customer and if I caught them doing so, I would fire them on the spot. You have to be transparent in today's market if you want to stay in it.
Cash for clunkers ruined the cheaper car market and led to what we're seeing now. Also, cheap trucks just don't sell. You can have the plain Jane base model and it'll sit on your lot for months, meanwhile, the King Ranch or the AT4's are gonna be flying out. Financing has tightened up a little bit, but I'm still able to get the subprime customer approved without raking them across the coals completely. 5 years ago was a different story.
This post was edited on 7/25/22 at 12:12 am
Posted on 7/25/22 at 12:42 am to saintkenn
quote:
I'm seeing a ton of ignorance and untruths in this thread. With excellent credit, I'm still getting customers in the upper 2's to mid 3's
Correct. I fall into that category. Bought a used 4Runner at 2.5% in May. It was a great purchase for us. Deals to be had if not desperate and keeping your eyes out.
Posted on 7/25/22 at 12:45 am to anc
Your post is good but you know, sometimes stuff just happens, like....the free market. I doubt Biden sat around the oval office (or Trump) wondering how they could design an auto industry collapse.
Posted on 7/25/22 at 2:19 am to Eurocat
quote:
I doubt Biden sat around the oval office (or Trump) wondering how they could design an auto industry collapse.
Well...when you crash the whole economy then all the other things go right along with it. Biden certainly hasn't done anything to stop it from happening.
Posted on 7/25/22 at 5:43 am to Hawkeye here
quote:
Thanks to relatives I get employee discount. I get them cheaper than the dealerships get them. I always take the rebates and pay cash. I get them so cheap that I am not permitted to sell them for at least 6 months because I could turn a profit on them the day I drive off the lot.
You think you do but you don’t
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