Why be so scared

You guys do not have to worry if Obama wins, he is the opposite of this-

GMAC to require 700+ credit score for auto loans

Just a few years ago when credit was easy to come by and the housing market was over inflated, it wasn’t rare to see an average earner rolling around in a luxury car that should have been a few rungs out of reach. But the market has come crashing down in recent months, with even the most qualified buyers getting turned down for a new car loan. And the situation only looks like it will get worse.

GMAC announced on Monday that it will no longer be extending credit to individuals with credit scores below 700. The news comes just days after GMAC announced that it will no longer be offerings loans for longer than 60 months.

According to Automotive News, 74.3 percent of new car shoppers have the requisite 700+ credit score to qualify for a GMAC loan. With a consumer base shrinking by the day due to other economical concerns, a 25 percent decrease in potential buyers is the last thing General Motors wants to see. But with repossessions expect to reach record highs next year, the move is definitely a necessary safeguard for GMAC.

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This is ridiculous. It does not bother me that GM might be affected by this because I dislike them but, I think 700 is a pretty high number.

Actual Comments-

elviososa

America failed is because of the credit system. No matter how high the credit score you have, you will still be broke when the bad time comes.

jimmy8

This is really sad. There are a lot of people that never miss a payment that are in the mid 600 range. They just have a lot of credit out there. A home loan, 2 car payments, and a couple of credit cards and you are below 700. This is your typical middle class American family. Sad that these people who never miss a payment will now not be able to get financed thru GMAC, and lets not even start with first time buyers…. If I was Ford, I would have a Ford Credit Rep sent out to every GM dealership in the country offering them financing. Sure would be funny when families are financing their brand new Chevy’s thru Ford Credit!

Get Real(i like this guy)

Less finance means less sales which means less production.

GM is going to die, cars are counted as profit OUT the assembly building door…NOT when sold.

leftlanenews.com

good for you f1

At least F1 technology is getting better. The cars will soon be running on hydrogen!

Pros- Cheaper
-No Emissions
-Less Fill-up(pit stops)

Cons- Explosive
-Hazardous to other cars(water is the 'emission', slicks wont have traction, therefor the car would fly if it slipped over water)

The only production car on the streets that runs on hydrogen ios the Honda FCX Clarity. The downside is that they are only being released in SOuthern California due to Hydrogen Pump locations.

Less than 2 cents per gallon for hydrogen and home kits for hydrogen conversion and fill-up will be availible. The car itself (or a fuelcell), has the ablity for power up a family sized home.

Car Design vs. Price -Poonit Patel

 The lamborghini murcielago is priced well over 200k. All ferrari's are well above 150k. Pagani's and Koenigseggs dont go lower than 450k. The things all those cars have in common is that they look good and they are attractive to the comsumers.

Kia Sedona is priced under 50k. Mitsubishi Lancer priced under 30k. These cars are a couple levels under the exotic car group and are not too attractive to consumers.  Why?

Kia could make the same or similar body designs as Lamorghini, but why dont they. Its is obvious that the engine is one of the main key parts of the car that that give it its price. However, if lamborhini put a simple 4 cylinder FWD layout in its Gallardo, would it still be over 100k?

All im trying to say is the better the car looks, the more you have to dish in for it. 

I give alot of respect to Toytota. Toyota is the first company Iv'e heard that is very soon going to put an attainable exotic onto its line. Attainable exotic means buying high-end cars for mid-range car price. Lotus, has the Elise and Exige priced for 60k, and by the LOOKS of it, you would think why dont more people drive it.

more to come....

Poonit Patel

Add-on to the automotive blog

If the U.S would allow really small cars legal such as the Tata Nano, virtually U.S would be like Europe. In Europe, you will see small cars mostly everywhere you go. If the U.S were to allow the Tato Nano to be sold in their country, you'd see them everywhere. Not only is it the smallest car but the cheapest car pricing at about $2,500. If the U.S a while ago, realized that oil is not a renewable energy source, or didnt get caught up into making big SUV's and pick-up trucks, we would not be worrying about gas as much as we are now. Benefits for driving small cars are price, mileage, less accidents and companies would be able to produce more of them because they use less material to produce.

If the U.S realized this a while ago, the Highway traffic system would have been thought of differently. Since riding little cars by 18-wheelers is very dangerous, separate roads on the highways, parallel to each other would solve that problem.

more to come...

Some little cars to consider buying-

-Smart FourTwo
-Toyota Yaris
-Toyota IQ(upcoming)
-Tata Nano(if and only if the gov't legalizes them..and if small cars made up most of the cars in the U.S, the Tata Nano would definatly be legal and would solve families in poverty that are in need of a car or low income individuals or families)
-Nissan Versa
alot more....


Poonit Patel

All automakers report U.S. sales declines

Every major automaker operating in the United States reported sales declines for the month of September. Overall automobile sales for September 2008 declined 26.6 percent when compared to September 2007, according to data released today. The bad news is undoubtedly tied to the overall financial downturn in America, rather than problems associated with any particular carmaker.

The biggest loser was Isuzu, which posted a 54.3 percent decline, according to data collected by Automotive News. The Japanese automaker — which is pulling out of the U.S. market in January — sold just 258 cars last month.

Ford, Chrysler, and General Motors posted declines of 36.3 percent, 32.8 percent, and 15.6 percent, respectively. GM, flush with new products and media attention, reported a relatively modest decline, when compared with its rivals. Also, despite falling from 334,974 unit sales to 282,806, GM remains the country’s largest automaker. The worst performer within GM was Hummer, with a drop of 54.8 percent.

The Ford Motor Company’s worst performer was Volvo, which saw sales fall 51.8 percent to 4,054 units. That said the Ford/Lincoln/Mercury division performed poorly with a decline of 33.7 percent, from 175,361 to 116,301.

Toyota (including Lexus and Scion) reported a sharp drop of 32.3 percent, selling 144,260 units, versus 213,042 a year ago. Honda’s decline was less severe, but still significant at 24.0 percent — down to 96,626 from 127,200. Nissan also dropped considerably — from 94,269 units to 59,565 — a 36.8 percent fall. Suzuki’s sales dropped 46.6 percent from 7,653 to 4,083 units.

Even the long-successful BMW Group faltered last month, posting a 25.7 percent drop in sales. The company sold just 18,543 BMW and MINI brand vehicles, versus 24,968 in September 2007. Rival Daimler AG had the smallest decline of any automaker — falling just 8.4 percent from 22,481 to 20,582 sales.

German automaker Porsche wasn’t so lucky — its sales fell a whopping 44.8 percent, from 2,641 to 1,458 sales. Volkswagen faired better, posting a decline of 9.4 percent — falling from 27,061 to 24,504 sales.

Korea’s Kia and Hyundai, which have been on a roll up until now, posted declines of 27.8 and 25.4 percent, respectively.

....If automakers would get it through their head that they need to stop making SUV's and Pickup truckes such as the Cadillac Escalade and the Cheve Silverado, and start making efficient cars such as the Toyota Prius and Upcoming Honda Insight, the sale would boost. Cadillac Escalades' suv had very low mpg. THey soon added a hybrid model of the escalade and it still have very very low mpg. If they stop making them and use that money to make more efficent cars, the sales would boost. Ford, and other american automakers, should give up and shut down.

Leftlanenews.com