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Posted by David Sherman on Friday, December 07, 2007 at 01:58:45 :
In Reply to: Hmmm, high risk financing in the pirck-up market? posted by Chris in San Diego on Friday, December 07, 2007 at 00:40:00 :
I don't think the financing deals for auto loans have changed much. Even with home loans, the terms haven't changed for people with good credit who want to buy houses for $400,000 or less. I really do think it's just that so many new vehicles were sold in the past few years that not very many people need another new one yet. The one way the housing market might be affecting it is that people who are already deep in debt can't get yet another home equity loan and use it to buy a truck. I know there were a lot of people who just kept borrowing and spending as long as the value of their house kept going up and some mortgage company was willing to loan them more money. That kind of thing has definitely slowed down. Another connection might be that with the slowdown in construction, not so many construction guys have the cash to go out and buy the requisite white Dodge/Cummins diesel pickup.
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