Comments on: Cash for Clunkers

By: Don

Don — Sun, 16 Aug 2009 00:27:46 +0000

I think it must be noted that those who lend the money used to purchase automobiles are doing so without incentives of the gov’t contrived progams such as “Fannie” “Freddie”. This means, therefore, that there is more competition among lenders than there was in the mortgage lending situation. That increased competition forces said lenders to be more prudent in respect to whom they lend.

By: stupidcrapsdealer

stupidcrapsdealer — Fri, 14 Aug 2009 09:01:52 +0000

I believe, the way this works is they give you, let’s say $4500.00 for your “clunker” as credit toward your new purchase. You then agree. Then at that point you would have to obtain financing, unless you are paying cash to complete the transaction. Financing for automobiles, from what I gather is not as easy to get as it was this time a few years ago. So I don’t think it is remotely close to the 0% down, infaltionary, “you can qualify for a 750k home with a 30k income loan”.

By: John

John — Thu, 13 Aug 2009 01:15:14 +0000

That is good point about the financing, my only stipulation is will they qualify people, like the way they qualified people for new homes, except here will the consumers be just flying under the radar. If the banks remain strict, then nobody is going to get a new car. So the money spent organizing this whole thing will just be a big waste. Seem’s like wasting money is becoming an American Tradition.

By: stupidcrapsdealer

stupidcrapsdealer — Wed, 12 Aug 2009 09:25:43 +0000

Totally agree with this opinion. Although, even with trading in a “clunker” for a new car, the buyer still has to qualify credit-wise for the new one, which means he/she will more than likely make thier payments, but i see your overall point. The Housing crisis is the overall problem that spearheaded our recession, get busy with the more serious issue than inflating a new one. Also, in concordance with your closing statement….”Parent” is a title that is earned, not given.