Auto Depression

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Car dealers are closing, though note that this article probably understates the problem. But when it says that credit is drying up, that misstates the situation. I just called two banks and two auto dealers, all of which have money available for car loans. The borrower just has to have a good credit rating (as should have always been the case; and no seven year loans either). It is the financing of vast fleets of new cars on the lot that is drying up, and rightly so. In the future, we may return to the days of yore, when dealers had only a few new cars on hand, and you ordered exactly what you wanted from the factory. But that takes six weeks, you say? True car love waits. (Thanks to Karen De Coster)

9:21 am on October 28, 2008