Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Actually 79% of people with a credit score of 800 are being denied auto loans right now. Lots of "creditworthy" people that are borrowing far less than the purchase price are being denied. Most if not absolutely all financial institutions are trying to "shrink" their balance sheets right now. So getting a loan, no matter how creditworthy you are, and no matter how large a deposit you are putting down, is difficult. To some extent it may have nothing to do with a potential borrower, but rather the precarious amount of capital that lenders have.
I think they may be overplaying it a bit or only taking numbers from certain segments. Their numbers do not appear to be anywhere close to the norm here. I always question the motive of television so-called news.
I have googled "CNBC, 10/8" and typed various key words into the search link; also googled "CNBC Car Loans" "CNBC Car Loans Denied" and "Credit Score 800 denied car loans" and have not come up with an article or any information regarding the information you've provided.
Maybe I'm not looking in the correct place.
Would greatly appreciate your posting the article or its link here.
Anecdotally, our friend went in to a car dealership to find out how much he could get for his minivan on trade-in. He was told by the salesperson that unless he had a credit score over 800 there was no way he was going to get a loan at the moment, even with his trade-in (the trade-in is owned free and clear). Admittedly, he didn't actually apply or anything. And certainly he could try at his own bank/credit union instead. But this was what the salesperson told him.
I think they may be overplaying it a bit or only taking numbers from certain segments. Their numbers do not appear to be anywhere close to the norm here. I always question the motive of television so-called news.
I wonder how much the "so-called news" is responsible for this entire mess!!!
I wonder how much the "so-called news" is responsible for this entire mess!!!
Vicki
There is no doubt in my mind that they are 100% responsible for starting it. They were trying to say we were in a recession for over a year now, even though the numbers proved them wrong. They just kept pounding it home, day after day. Every night of dramatic music on the news, telling us how bad life is for us. Most of what is happening is based on emotion. The media created this emotional reaction. Yes, there are some fundamental issues, but the media has made sure that we all feel as bad as possible. Here is a little inside info - The news programming will change to "everything is wonderful and coming up roses" on 01/20/2009. It's by design.
There is no doubt in my mind that they are 100% responsible for starting it. They were trying to say we were in a recession for over a year now, even though the numbers proved them wrong. They just kept pounding it home, day after day. Every night of dramatic music on the news, telling us how bad life is for us. Most of what is happening is based on emotion. The media created this emotional reaction. Yes, there are some fundamental issues, but the media has made sure that we all feel as bad as possible. Here is a little inside info - The news programming will change to "everything is wonderful and coming up roses" on 01/20/2009. It's by design.
some issues? The media surely isn't without fault but you can also say it's a good thing they harped on this and got the truth to come out. Who knows how much longer the goverment and big business would have tried to hide it.
Anecdotally, our friend went in to a car dealership to find out how much he could get for his minivan on trade-in. He was told by the salesperson that unless he had a credit score over 800 there was no way he was going to get a loan at the moment, even with his trade-in (the trade-in is owned free and clear). Admittedly, he didn't actually apply or anything. And certainly he could try at his own bank/credit union instead. But this was what the salesperson told him.
Frankly that isn't a bad thing. People are way over their heads in cars more than mortgages. The solution no one talks about is limiting how much people can borrow as a ratio to their income.
There is no doubt in my mind that they are 100% responsible for starting it. They were trying to say we were in a recession for over a year now, even though the numbers proved them wrong. They just kept pounding it home, day after day. Every night of dramatic music on the news, telling us how bad life is for us. Most of what is happening is based on emotion. The media created this emotional reaction. Yes, there are some fundamental issues, but the media has made sure that we all feel as bad as possible. Here is a little inside info - The news programming will change to "everything is wonderful and coming up roses" on 01/20/2009. It's by design.
So it's the news media that caused housing prices to skyrocket, that caused lenders to give loans with no relation to the borrowers' ability to repay, that caused Bear Stearns to crumble, that caused Lehman Brothers to go bankrupt? That theory is... interesting.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
