Right you are... the norm used to be 20 or 25% down - Saab General Bulletin Board - Saabnet.com
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Right you are... the norm used to be 20 or 25% down
Posted by Noel [Email] (more from Noel) on Wed, 22 Oct 2008 06:30:22
In Reply to: Re: Interesting conversation at Sabb Dealership?, No Snaab, Tue, 21 Oct 2008 16:25:13
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unless you were getting an unusually good deal on the price. It was the same for real estate if you wanted a decent interest rate and didn't want to have mortgage insurance. And the mortgage couldn't be more than 28% of income. My gosh, you had to be able to actually AFFORD what you were buying. What a concept.
These "no money down deals" and other low entry fee gimmicks for cars were simply meant to move iron and generate interest income. On SUVs it means a lot of them are upside down, so the leasees don't want the vehicles and the lessors don't want them either. Which is why the automakers are eliminating leases. They just can't take the risk.
If the credit crunch goes on for very long there are going to be some good deals out there. The dealers have to pay their floorplan nut every month (interest on their inventory) and they will be really hurting if there are no sales due to thin credit availability. Expect more dealers (of all types) to close.
Posts in this Thread:
- Interesting conversation at Sabb Dealership?, ChrisC, Tue, 21 Oct 2008 15:54:00
- Firsthand experience, Benji, Sat, 25 Oct 2008 16:00:16
- I was in two Dealerships a week ago..., MI-Roger
, Wed, 22 Oct 2008 05:11:50 - What I overheard at my dealer today, washaero, Tue, 21 Oct 2008 16:28:26
- Re: Interesting conversation at Sabb Dealership?, No Snaab, Tue, 21 Oct 2008 16:25:13
- symptom of credit crunch, newwithasaab, Tue, 21 Oct 2008 16:13:16
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