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What on earth do Fannie and Freddie have to do with the CARS program?
Oh, don't you know? Fannie and Freddie held a gun to the head of firms like Country Wide and forced them to make home loans to Negros and illegal aliens and such.
The rules say you can trade a clunker in up to 18MPG for a new car getting 22 MPG.
How come you can't trade a car that got 19MPG on a car that gets 45MPG? Isn't that a better DESIGN?
They have to draw lines somewhere I guess.... Don't recall saying that improved gas mileage was the ONLY reason for the program...
FWIW, I agree that the type of transaction you're talking about SHOULD have been allowed, but I guess they needed to define where the line between BAD gas mileage and ACCEPTABLE gas mileage was, and they chose 18..... I don't know why.
What on earth do Fannie and Freddie have to do with the CARS program?
The ONLY point he could be trying to make that is worthwhile or relevent would be that the government basically pushed Fannie and Freddie into making bad mortgage loans to high-risk borrowers and he somehow thinks that that is what is occuring here.
It isn't, but bad information is all-over when you're trying to be right in a political discussion...
Oh, don't you know? Fannie and Freddie held a gun to the head of firms like Country Wide and forced them to make home loans to Negros and illegal aliens and such.
And now Fannie and Freddie are pointing that gun at firms that finance automobiles. Boy, Fannie and Freddie sure get around!
Let's see: we're in the middle of an economic crisis caused by a credit meltdown caused in large measure by government incentives to entice people to make large-ticket purchases that many of them otherwise couldn't afford. In response to that economic crisis, the government is now trying to jump-start a segment of our economy with government incentives to entice people to make large-ticket purchases that many of them otherwise can't afford. Someone explain to me where "conservative" viewpoints comes into play here?
Let's see: we're in the middle of an economic crisis caused by a credit meltdown caused in large measure by government incentives to entice people to make large-ticket purchases that many of them otherwise couldn't afford. In response to that economic crisis, the government is now trying to jump-start a segment of our economy with government incentives to entice people to make large-ticket purchases that many of them otherwise can't afford. Someone explain to me where "conservative" viewpoints comes into play here?
The credit and affordability scare. Obtaining credit by ANY of the BIG 5 car manufacturers is not a cake walk in the park as many of these scare tactic posts are putting out there.
One of the issues with General Motors for instance (those of you who know what i'm talking about) was not only with the designs of their cars, but their stringent credit requirements. If you did not have A1 credit, you were not getting that car. The same could be said of Ford, Honda and Lexus.
Now if the dealer chooses to go through an outside finance company, then that is a different matter. The outside finance company will require a bigger down payment and higher interest rate. If that consumer still choose to drive away with a car that their finance is screaming "YOU CAN'T AFFORD", then that finance company and consumer deserve exactly what they get.
Let's see: we're in the middle of an economic crisis caused by a credit meltdown caused in large measure by government incentives to entice people to make large-ticket purchases that many of them otherwise couldn't afford. In response to that economic crisis, the government is now trying to jump-start a segment of our economy with government incentives to entice people to make large-ticket purchases that many of them otherwise can't afford. Someone explain to me where "conservative" viewpoints comes into play here?
Difference....
People were being qualified for houses they obviously couldn't afford, with initially affordable payments that would balloon to un-affordability in 3-5 years... The sh** hit the fan when the ARMs began to reset...
Now, if any lessons were learned BY THE BANKS WHO ARE THE ONES WHO NEED TO LEARN THIS LESSON FIRST AND FOREMOST, poor credit risks won't be getting unaffordable loans..... And IF the loan is initially unaffordable? Shame on the bank for making the loan in the first place (that's not to remove the buyer from any responsibility, but the bank should now know better)....
As far as I know we don't have balloon or adjustable rate car loans, so if it's affordable now, it should be two years from now.
[1] People decide whether they want to participate or not. Freedom of choice - is this a great country, or what?
If they will repay their loans in full, no problem - choose away. BUT - don't trash the cars that others who aren't as financially fit need for their own transportation and replacement parts needs.
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[2] If a person trades in a paid-for vehicle in "amazing condition", knowing that the federal government will pay the dealer either $3500 or $4500 towards the purchase of a new car, and in the process the person incurs a debt .... if that person is okay with that, what's your problem? Don't you want people to decide these things for themselves?
[3] There are many vehicles made over the last 25 years that do not qualify. Those used cars will be making their way into used car lots through the normal "trade-in & buy new" process. I'll be trading in a '99 Ford Escort that unfortunately doesn't qualify.
Riiiight... car sales had been so brisk before C for C - no problem there.
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[4] As anyone who has taken a few minutes to read over the FAQ section of the CARS website knows, "The entity crushing or shredding the vehicles in this manner will be allowed to sell some parts of the vehicle prior to crushing or shredding it, but these parts cannot include the engine or the drive train."
Well hey... who needs a working engine or drive train? Their car's bumper can provide the transportation they need.
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