LJ: credit crunch affecting consumers yet?
 

I thought you would have a personal view on this; how tight are the bank's assholes right now? Are they still giving out money?

Is anyone coming in to buy right now - are they jumpy?

I was wondering this too. The car lots here seem deserted, but then I'm not sure they didn't always...

i'm just leaving for the day...but i'll reply to this tonight.....see me in chat after 9 pm!

go beer!

Okay, so for those of us whose real lives have seriously interfered with their internet time the last few days... Can someone sum up the chat reply?

Hasn't happened yet, has it? (the chat, I mean...)

As a home-seller, I can honestly say that THIS MARKET SUCKS!!!!1!!11one

Not a single blessed buyer out there. We are considering taking it off the market and renting it out to a friend, if we can.

3 - 4 houses in my neighborhood have all sold in the last 2 months.

Probably at far reduced prices or with whopping concessions.

Only my hairdresser knows for sure. When I went in for a haircut yesterday, she told me that many of her regular customers are cutting back on visits (no pun intended), and she is beginning to feel the impact. As for home sales, I mentioned in another thread that there are alot more houses with "for sale" signs on them in my small town, and those signs are staying there.

I would like to hear the assement of the new car industry lending as well. We would like to buy a new car and trade my wifes sequoia in for a Mini Cooper.

in a word....... cock.

oh, wait.....

the banks...
yeah.

ok, so, they've mostly changed in some way. HSBC quit the indirect lending business, so we lost them as a source, and a lot of folks lot their jobs. Capital one has tightened up considerably.....they used to buy anyone with a certain minimum credit score, and minimal credit history....

Also, they are limiting advance amounts on SUVs and trucks. they'll lend you 85% of invoice or trade value on a suv, where they'll lend 115% on a car.

Our captive (NMAC) source has just recently held a meeting telling all of the buyers to limit exceptions. They also changed their advance structure for the worse. There are less specials out there on leases, and they are reserving the incentivized rates for those with excellent credit scores.

as an example....we can barely give a pathfinder away at this point due to gas prices.....so, the rate is 0.9 for up to 72 months if you score over 740. if you are 700-739, it's 3.9 660-699 4.9, 630-660 is 7.9.

fortunately, there are banks that have not changed the way they buy or advance and rate sheets. TD Bank, Citizens, M&T, 5th 3rd....all remain unchanged.

the biggest change, obviously is with the sub prime lenders.

We have decided to put our impetus on used cars instead of new. because if nissan is gonna let us twist in the wind...then fuck em...we make more on used cars anyway.

The bottom has fallen out of the big car market in Australia too. 4WD's and the thirsty cars are just not selling.

Where this IS going to be good, is that we should see a greater development of the hybrids - and with bigger sales, hopefully a more affordable price

But I keep getting tons of unsolicited credit card and remortgage offers in the mail. I was hoping they would dry up. :eyebrow:

Hi there Minx you hardcore lurker!

I live in Adelaide too.

A mate of mine in Eden Hills is converting Hyundai Getzs to pure electric. They have about the same performance as a regular Getz, about 100 km range and cost about $38,000 to buy, but less that $1 per 100 km to run!!!!!

Not entirely true.

In the last 4 weeks, the car market has suffered across the board, large cars and 4WDs are not reducing at a more rapid pace. In fact, muscle car and large car sales are doing better now than they have for the last few years.

Ford Territory and Holden Captiva...being HUGE fuel hogs are selling really well and even with diesel being soooo expensive, 4WD sales are up.

Used car sales are a lot harder than they have been, because the franchises arent making target, so they are offering great deals.

Lenders are strictly by the book and sticking to their guidelines, whereas previously you could get them to bend. The high risk lenders arent taking on clients that they would usually take on without any hesitation.

This article indicates that in Australia, sales of commodores (V8 Sedans) are down and corollas are up, and so are SUVs. Equally the small Mazda 3 has passed the big Falcon.

The only effect of the current upheavals I have felt is that I have a large stash of Yen which has appreciated by about 15% in the last month. :D