Kevin Lauterbach, 29, an operations manager from Coral Springs, Fla., said he was surprised that so many lenders were willing to give him a loan when he went shopping for a new car in December. Although he had worked hard to repair a mildly damaged credit score, several major lenders rejected his application for a new credit card a few months earlier. But five banks offered to help him finance a... [more]
Kevin Lauterbach, 29, an operations manager from Coral Springs, Fla., said he was surprised that so many lenders were willing to give him a loan when he went shopping for a new car in December. Although he had worked hard to repair a mildly damaged credit score, several major lenders rejected his application for a new credit card a few months earlier. But five banks offered to help him finance a car, all with no money down.
Mr. Lauterbach eventually locked in a 4.75 percent rate on a $19,000 loan from City County Credit Union of Fort Lauderdale to cover the cost of a 2008 Jeep Liberty. The 72-month loan requires payments of $150 every two weeks.
“My credit wasn’t great, and what I had been hearing is that credit is tight right now,” he said. “But it wasn’t really as difficult as I was anticipating.”
The Obama administration provided other forms of assistance as well. It engineered the rescues of the CIT Group, a major lender to auto dealerships and parts suppliers, and also bailed out the troubled auto finance companies Chrysler Financial and GMAC, now known as Ally Financial.
Just as crucial, economists say, was the administration’s effort to lure private investors back into what was once a $100 billion-a-year bond market for auto finance companies, according to Deutsche Bank Securities. That market had all but dried up by the end of 2008.
The federal program provided more than $11.7 billion in below-market financing to dozens of private investors — a group that included hedge funds like FrontPoint Partners, money managers like BlackRock and Pimco, and even a retirement fund operated by the City of Bristol, Conn. — to encourage them to resume buying bonds backed by auto loans. Although the amount of government financing was relatively small, it accomplished its goal: to revive the market for packaged consumer loans and get credit flowing again, especially to weaker borrowers.
http://www.nytimes.com/2011/02/28/business/28autos.html?ref=business[less]
Response by Riversider
almost 15 years ago
Posts: 13572
Member since: Apr 2009
Used TMV from $13,557
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What Edmunds Says
The redesigned 2008 Jeep Liberty is bigger than before and has more premium features and substantially improved on-road ride and handling. Urban- and comfort-oriented buyers will still likely find the Liberty's competition superior in terms of everyday drivability and refinement, however.
Pros
Respectable off-road capability, simple and functional cabin, high towing capacity.
Cons
Modest and thirsty V6 engine, poor headlight illumination, subpar interior materials, upgraded ride and handling still not as carlike as many rivals.
Read full review
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Response by Riversider
almost 15 years ago
Posts: 13572
Member since: Apr 2009
The car will be 9 years old by the time Kevin Lauterback pays off his car loan. There's a very good chance the car will not survive the length of the loan. He should've bought a "beater" for a few thousand dollars.
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Response by needsadvice
almost 15 years ago
Posts: 607
Member since: Jul 2010
Used cars are amazingly expensive in Florida. I knew a guy that paid $15K for a 1995 Toyota Camry, in 2008. Seriously.
I don't know if those people have never heard of the blue book, they don't have internet access, or what.
In case anyone is similarly stupid, always check your car's value on kbb.com
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Response by huntersburg
almost 15 years ago
Posts: 11329
Member since: Nov 2010
At least they don't have our parking costs.
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Response by huntersburg
almost 15 years ago
Posts: 11329
Member since: Nov 2010
But as I said a couple months back, those of you with good credit are seeing solicitations galore in your mailbox for credit cards, insurance, memberships and clubs, etc.
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Response by Riversider
almost 15 years ago
Posts: 13572
Member since: Apr 2009
This is the story of our country. We're not able to make any money unless we sell to people who can't afford to pay for things.
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Response by huntersburg
almost 15 years ago
Posts: 11329
Member since: Nov 2010
Didn't someone recently point out that columbiacounty lost a boatload of money selling his equities around March 2009?
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Response by Riversider
almost 15 years ago
Posts: 13572
Member since: Apr 2009
Market Timing does not work for the vast majority of investors.
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Response by somewhereelse
almost 15 years ago
Posts: 7435
Member since: Oct 2009
Idiots never went away. They just got loose again recently.
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Response by huntersburg
almost 15 years ago
Posts: 11329
Member since: Nov 2010
Speaking of, remember when someone told about columbiacounty selling all of his stocks around the market low in 2009?
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Response by Truth
almost 15 years ago
Posts: 5641
Member since: Dec 2009
huntersburg: That comment is one of the reasons that SE allows you to continue posting on SE.
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Response by alanhart
almost 15 years ago
Posts: 12397
Member since: Feb 2007
Hi, Truth!
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Response by huntersburg
almost 15 years ago
Posts: 11329
Member since: Nov 2010
>huntersburg: That comment is one of the reasons that SE allows you to continue posting on SE.
Excuse me?
Why do I need special permission to post on streeteasy?
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Response by Truth
almost 15 years ago
Posts: 5641
Member since: Dec 2009
No special permission needed, huntersburg.
Just comparing your comments to those of the real trolls.
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Response by alanhart
almost 15 years ago
Posts: 12397
Member since: Feb 2007
Hi, Truth!
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Response by huntersburg
almost 15 years ago
Posts: 11329
Member since: Nov 2010
fake trolls, real trolls, I'm not sure why that word has any meaning. There's so much good material on people like Wtushy, Midtownyeastinfection, poor wretched columbiacounty, and our favorite extortionist, that all you need to do is discuss the facts.
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Response by Truth
almost 15 years ago
Posts: 5641
Member since: Dec 2009
huntersburg: I agree. That's what I do.
The trolls can't stand it.
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Response by columbiacounty
almost 15 years ago
Posts: 12708
Member since: Jan 2009
except for you're slurring your words and your facts.
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Response by alanhart
almost 15 years ago
Posts: 12397
Member since: Feb 2007
Hi, Truth!
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Response by Truth
almost 15 years ago
Posts: 5641
Member since: Dec 2009
Riversider: There's an idiot.
Next, ah will come onto your thread,again; threatening to have you "banned" from SE.
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Used TMV from $13,557
Appraise Your Car
Find 2008 Jeep Liberty Listings Near You powered by AutoTrader.com
What Edmunds Says
The redesigned 2008 Jeep Liberty is bigger than before and has more premium features and substantially improved on-road ride and handling. Urban- and comfort-oriented buyers will still likely find the Liberty's competition superior in terms of everyday drivability and refinement, however.
Pros
Respectable off-road capability, simple and functional cabin, high towing capacity.
Cons
Modest and thirsty V6 engine, poor headlight illumination, subpar interior materials, upgraded ride and handling still not as carlike as many rivals.
Read full review
The car will be 9 years old by the time Kevin Lauterback pays off his car loan. There's a very good chance the car will not survive the length of the loan. He should've bought a "beater" for a few thousand dollars.
Used cars are amazingly expensive in Florida. I knew a guy that paid $15K for a 1995 Toyota Camry, in 2008. Seriously.
I don't know if those people have never heard of the blue book, they don't have internet access, or what.
In case anyone is similarly stupid, always check your car's value on kbb.com
At least they don't have our parking costs.
But as I said a couple months back, those of you with good credit are seeing solicitations galore in your mailbox for credit cards, insurance, memberships and clubs, etc.
This is the story of our country. We're not able to make any money unless we sell to people who can't afford to pay for things.
Didn't someone recently point out that columbiacounty lost a boatload of money selling his equities around March 2009?
Market Timing does not work for the vast majority of investors.
Idiots never went away. They just got loose again recently.
Speaking of, remember when someone told about columbiacounty selling all of his stocks around the market low in 2009?
huntersburg: That comment is one of the reasons that SE allows you to continue posting on SE.
Hi, Truth!
>huntersburg: That comment is one of the reasons that SE allows you to continue posting on SE.
Excuse me?
Why do I need special permission to post on streeteasy?
No special permission needed, huntersburg.
Just comparing your comments to those of the real trolls.
Hi, Truth!
fake trolls, real trolls, I'm not sure why that word has any meaning. There's so much good material on people like Wtushy, Midtownyeastinfection, poor wretched columbiacounty, and our favorite extortionist, that all you need to do is discuss the facts.
huntersburg: I agree. That's what I do.
The trolls can't stand it.
except for you're slurring your words and your facts.
Hi, Truth!
Riversider: There's an idiot.
Next, ah will come onto your thread,again; threatening to have you "banned" from SE.
Damn right truth.
Riversider is an idiot.
You go truth!
Hi, Truth!