 |
«A website where you can find the lowest interest rates on home loans with absolutely free quotes from multiple lenders» |
| • Home Equity Loan • Home Refinance Loan • Home Purchase Loan • Second Mortgage Loan • Debt Consolidation Loan | ||
|
 | |
| |
| Home Equity Loan Store :: Loans | |
|
|
|
Zero Zero Financing on Automobiles in Retrospect
Some say that the automobile industry saved the economy during the last recession. This is because auto sales are bundled into retail sales, which allowed higher numbers than actual to be reported. Many will say that what is good for General Motors is good for America, they might even cite the fact that the automobile industry saved the economy at the bottom of the last recession. Remember when Mitsubishi did the Zero-Zero-Zero plan. This was a calculated risk and were betting on the election year gold rush to help pay for any of the fall-out in loans? Well that never came because the US interest rates stayed down, job recovery came late and Domestics along with those other foreign automobile companies did quite well. So what is happening now due to this decision to go 0-0-0, well many of those loans have gone South, and the Yen is high against the dollar and now Mitsubishi is about 2 billion in the hole at last count. The Mitsubishi bail-out cost at least $1.9 billion US Dollars. Many auto industry economic advisors had mixed opinions on this, but for the most part thought the plan for zero-zero-zero was foolish. Zero money down, Zero interest rates and zero payments until next year. This was in 2002 and today 45% of those cars have either been turned back in, repo'ed, sold at auction or are in default. All good things, which are not reality based do come to an end. Many knew there was going to be a problem as the sales winded down and we were being strung out on our payments from a few dealerships out there. Triple zero was not a win/win for the consumer, their credit or the company. Many of those vehicles were bought by first time buyers who never even made the first payment which started many months later, yet had put over 15,000 miles on those cars and reduced its value by over 65%, ouch, that is a nightmare from a banker perspective. No wonder Corporate America wanted bankruptcy reform, even though such a reckless lending of credit was a completely foolish business move. American consumers today are upside down in their high priced SUVs, they owe more than they are worth and those who bought gas-guzzlers in 2002 are still paying on vehicles, which are not running very well today. Most had paid sticker price or near to get the zero-zero and still others got a rebate, which was used for a down payment to make the deal. I met a gentleman who filled up his beautiful Suburban the other day. His total came to $97.00 and he was pretty depressed, I actually thought he was going to cry. We got to talking about his beautiful Venti sized SUV and he told me it cost $48,000 and had all the bells and whistles. I was impressed and asked him what he did for a living. He works for the local city and said he was able to afford it due to the zero zero program and he wanted to sell it now due to fuel costs as he is divorced and now single. He is thinking something more economical might be a better plan? Perhaps a hybrid? I guess I understand what he is saying. He explained he could not sell the vehicle because he still owes $39,440 on it and it is only worth $18,000 now. What a nice guy with a disaster of a brain for a financial planner, but alas he is not so much worse off than you, is he. Sixteen point nine million Americans bought new automobiles on the zero zero plan. Perhaps they did not plan on this; the $3.00 per gallon gas prices. Are you one of them? How does that make you feel? Think about it. "Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs
MORE RESOURCES:
Loans - Google News |
|
|
|
RELATED ARTICLES
A Guide to UK Secured Homeowner Loans Trying to find good UK secured homeowner loans might seem difficult at first, but once you know what you're looking for and how to search for it then it's actually quite easy.The main things that you need to know in order to find the best UK secured homeowner loans are how the loans work and the process of researching loans and loan rates in order to find the best loan for your money. What is a Business Loan? A business loan is designed for a wide range of small, medium and start-up business needs including the purchase, refinance and expansion of a business. If you run your own business, it is likely that you will need funds at different points of time for various needs. Where to Get Your Military Signature Loan Military signature loans are easy to come by. When looking for a military signature loan you might even get overwhelmed by what seems like an endless supply of lenders, APRs and added perks. Dos and Donts: Student loans Parents should begin saving money early for their children's college education because of the high costs and expectations that parents will pay part of the costs associated with the education. Several stock mutual funds are recommended. SBA Loan: Qualifying and Applying According to federal government research, small businesses provide about 75% of the net new jobs added to America's economy. They also employ fully one-half of America's private sector workforce. Secured Loans Information A secured loan is a personal loan which is generally offered to home owners. In a typical secured loan, the home is used as collateral against the loan, meaning that should you be unable to maintain the loan repayments, your home will be at risk. Do Payday Loans Deserve a Bad Rap? We have all heard the stories about cash advance lenders charging their customers excessive interest fees. It is true that most payday loans have the highest interest rates compared to any other type of loan. Holiday Personal Loans - When the Traveller Within You Wants to Break Free If you are a traveller by heart then perhaps every holiday you wait for a chance to fly away somewhere around the world. The world is full of so many cultures and colours. A Renter in Debt? Take Out a Bad Credit Personal Loan On average, homeowner households earn 95% more than renting households per year. With 26% of a rental households disposable income being spent on renting, in comparison to 15% of homeowners on their houses (not including maintenance), it is unsurprising that people who rent find it harder to manage and turn to bad credit personal loans for help. Bad Credit Business Loans - to Exchange Bad Credit for Monetary Benefaction You want to raise a business on your own or you want to expand it further. You have a plan and the vigour to make your mark in this field. A Guide to Finding Fast Homeowner Loans Sometimes finding fast homeowner loans can seem impossible? no matter what you do, it seems like traditional lenders such as banks and finance companies take way too long to process loan applications.Fast homeowner loans can be had, however? the hardest part is finding out where to look. What is the Difference Between an Unsecured Personal Loan and a Secured Personal Loan? This is a common question that many consumers have. Many people do not realize that there are even different types of personal loans. Business Credit Scoring: Is It a Killer Application or Application Killer? In his 1968 seminal novel, 2001: A Space Odyssey, Arthur Clark introduced HAL, a spaceship computer with artificial intelligence. Mission engineers designed HAL to carry out an array of technical orders to safeguard the ship's mission. PayDay & Cash Advance Loans Online - How Do Online Payday Loans Work? How online payday loans or cash advance loans work? Online payday loans usually work by first filling out a pre-approval application. 90% of the time, your credit is not pulled. No Credit? - You Will Need a Bad Credit Loan So you have never taken out a loan? You don't have a credit card and you don't have a mortgage? You always pay cash? You're a student, a recent widow, a divorcee or from an ethnic minority group who have a tendency not to have any lines of credit? If you are any of the above then your credit score will not necessarily reflect your ability to pay as you have little or no credit history whatsoever. This will make it difficult to obtain any form of loan and in these circumstances you may have to take out a bad credit loan. What is a Tenant Loan? Ever wondered what is a Tenant Loan? A tenant loan is another term for an unsecured personal loan. Tenant loans are aimed specifically at people who do not own any property. No Fax Payday Loans Online for a Fast Cash Advance Loan For a fast cash advance loan, no fax payday loans are now available online. By completing your application online, you don't have to fax paycheck stubs or forms. Used Car Loans - 3 Tips For Financing Your Used Vehicle Online Financing the purchase of a used vehicle can be done through the convenience of online car loan lenders. Through their websites you can request quotes, compare terms, and even apply online. Can A Pay Day Loan Truly Be Easy? If you're looking to find an easy payday loan it's time to figure out what you consider easy. There are plenty of supposedly easy payday loan options available to the discerning or desperate consumer, but the hard part comes when you need to pay back the easy payday loan. What is a Bad Credit Personal Loan? A UK Bad Credit Personal Loan is a loan designed for the many people with a bad credit rating. A bad credit rating can make your life a misery.
|
