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Can I Still Buy A Car?

 
 
Reply Thu 25 Sep, 2008 06:29 pm
I was planning to buy a new care next month. But I heard on the news today that because of the Wall Street and Banking debacle it would not be possible.
Dose any one out there not if this is true?

And if I cannot get a loan to buy a car with a substantial down payment what is the real reason?
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Type: Question • Score: 2 • Views: 1,226 • Replies: 16

 
Rockhead
 
  4  
Reply Thu 25 Sep, 2008 06:31 pm
@TilleyWink,
The American auto makers are dying to finance you...
TilleyWink
 
  2  
Reply Thu 25 Sep, 2008 06:33 pm
@Rockhead,
Really then this would be a good time to buy.
Rockhead
 
  2  
Reply Thu 25 Sep, 2008 06:35 pm
@TilleyWink,
Only if you want an American car.

The rest are being REAL careful with the financing...
TilleyWink
 
  2  
Reply Thu 25 Sep, 2008 06:36 pm
@Rockhead,
That is good I was planning on getting a Ford.
Rockhead
 
  1  
Reply Thu 25 Sep, 2008 06:37 pm
@TilleyWink,
They will give you employee pricing, plus...(whatevertheheckthatmeans)
0 Replies
 
hawkeye10
 
  2  
Reply Thu 25 Sep, 2008 06:44 pm
you can buy a car if you have cash or good credit, getting a loan has gotten more difficult as banks are hanging on to cash in order to weather the financial market storm. One report said that small banks are are still lending, that the bigger regional and national banks have dramatically reduced lending. The firms like GMAC would love to help you buy a car, though I am not sure if they have any money.
cicerone imposter
 
  1  
Reply Thu 25 Sep, 2008 06:47 pm
@Rockhead,
Not only finance your purchase, but at very good interest rates. Argue with the manager of the car dealer until you get a deep discount on the retail price plus don't pay more than 1.9% interest. Depending on the car, some car makers are discounting their cars by over 20%. Use this as a basic guide for your purchase. .

If they won't let you have your price, just say "thanks, but no thanks," and begin walking out of the showroom. If it's too low, you know they can't possible sell you the car for that price, but don't be surprised if they chase you out of the showroom to tell you "okay." They're real hungry now. Use that as your tool.
0 Replies
 
cicerone imposter
 
  2  
Reply Thu 25 Sep, 2008 06:48 pm
@hawkeye10,
hawkeye brings up an excellent point; unless you have a credit rating that's in the top, forget the financing; they won't even look at you.
Rockhead
 
  2  
Reply Thu 25 Sep, 2008 06:50 pm
@cicerone imposter,
The American companies will. Just sign and drive...
hawkeye10
 
  1  
Reply Thu 25 Sep, 2008 09:20 pm
@Rockhead,
The credit markets have frozen up nearly completely, most corporations are day by day running out of cash and have no ability to get a loan. The big three are in desperate trouble on the manufacturing side, they have zero ability to subsidize the finance side of the business. I have seen reports that GM will run out of cash in three years at their current burn rate.
0 Replies
 
gungasnake
 
  1  
Reply Thu 25 Sep, 2008 09:22 pm
@TilleyWink,
Not exactly the right question. The real question is, IF you can buy one, how much of the cost of the car is going to subsidize all the bad car loans which the racist demoKKKrats force Detroit and banks which make car loans to make?
hingehead
 
  1  
Reply Thu 25 Sep, 2008 10:14 pm
@gungasnake,
Your freckle playing up today?
0 Replies
 
hawkeye10
 
  2  
Reply Thu 25 Sep, 2008 10:18 pm
Quote:
The squeeze on getting a car loan
Car dealers say they can still get financing for customers, but experts warn it's a tough market.


NEW YORK (CNNMoney.com) -- A massive pile-up in the credit markets is causing serious congestion for new car buyers who want financing, according to industry observers. But some dealers say they're still able to work out deals.

"Credit availability has been the number one issue in our industry for several months now," said Mike Jackson, chief executive of AutoNation (AN, Fortune 500), the country's largest auto dealership chain.

The inability to arrange suitable financing has killed the deal for a lot of customers in AutoNation's 317 dealerships nationwide, Jackson said. He stressed that customers are still coming in, but they can't get a loan they can afford on the vehicle they want.

Almost all auto dealers recently surveyed by the industry newspaper Automotive News said they were having a harder time finding loans for customers with poor credit. About 60 percent said they having more trouble getting financing even for customers with good credit.


http://money.cnn.com/2008/09/23/autos/financing_pressures/index.htm?section=money_latest
TilleyWink
 
  1  
Reply Fri 26 Sep, 2008 12:09 am
@hawkeye10,
Hmm, seems like the car business is effected after all. I have both good credit and a good down and the car I want is not too exensive but it seems the banks are not willing.

By-the-way, I heard on the news tonight that federal bank regulators have seized and closed Washington Mutual. this is making me so nervious.
0 Replies
 
OmSigDAVID
 
  2  
Reply Fri 26 Sep, 2008 12:33 am
@Rockhead,
Quote:
The American auto makers are dying to finance you...

BELIEVE it !





David
TilleyWink
 
  1  
Reply Sun 28 Sep, 2008 02:15 am
@OmSigDAVID,
Well I did it bought my self the cutest little Mini Cooper ever. Wasn't hard at all. I do have a slight wait for to get the color choice and extras I want, But that is OK by me. I really plan to have fun it this car.
0 Replies
 
 

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