GMAC to lower lending requirements

uscitizen

uscitizen

Villified User
GMAC now a bank holding company and getting billions from the govt. Says they will lower their loan qualifications so they can loan more money to sell more cars...

What is wrong with this picture?
 
Desh said:
A car or truck is easy to reposses and easier to sell used than a house.
Click to expand...

Not too easy to sell right now.
And the sellable value drops ttremendously as soon as you drive it off the lot.

btw I finally got rid of my subie after 19 years. Had to get a van (used) with a chair lift.
 
The demand for used cars is going to climb, people have to have cars to get to work and many will not want to pay the big loss you have when you drive off the lot.
Qualify them but make them put a down on it that covers the markup. Cllect payments for awhile ,then repo and sell again.


You need a chairlift?
 
Desh said:
The demand for used cars is going to climb, people have to have cars to get to work and many will not want to pay the big loss you have when you drive off the lot.
Qualify them but make them put a down on it that covers the markup. Cllect payments for awhile ,then repo and sell again.


You need a chairlift?
Click to expand...

yeah I am in a chair about 1/3 of the time now.
Figured to go ahead and get the van.
I am still working on my all wheel drive wheelchair. Got a standard one for now though.
Those suckers are expensive! the power chair cost as much as the van did without the lift Kit.
 
uscitizen said:
yeah I am in a chair about 1/3 of the time now.
Figured to go ahead and get the van.
I am still working on my all wheel drive wheelchair. Got a standard one for now though.
Those suckers are expensive! the power chair cost as much as the van did without the lift Kit.
Click to expand...


Yikes that is expensive.

I didnt realize you had mobility problems.
 
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