Ford sales down 33%

[halik]

F down 12% as we speak. GM and Toyota are all reporting sales numbers later today... let's see if it's just ford, or slowdown all around.

 

[dmcowen674]

Originally posted by: halik
F down 12% as we speak.

GM and Toyota are all reporting sales numbers later today... let's see if it's just ford, or slowdown all around.

They've been down, why do you think Bush just gave them $25 billion in taxpayer money?

 

[halik]

Originally posted by: dmcowen674

Originally posted by: halik
F down 12% as we speak.

GM and Toyota are all reporting sales numbers later today... let's see if it's just ford, or slowdown all around.

They've been down, why do you think Bush just gave them $25 billion in taxpayer money?

Forecast expected down 22%, they busted thru that by a factor of 1.5
If toyota numbers are bad also, will you finally realize what's going on?

 

[Genx87]

Originally posted by: dmcowen674

Originally posted by: halik
F down 12% as we speak.

GM and Toyota are all reporting sales numbers later today... let's see if it's just ford, or slowdown all around.

They've been down, why do you think Bush just gave them $25 billion in taxpayer money?

I didnt realize Bush has the national checkbook with nobody to authorize that spending.

 

[ElFenix]

Originally posted by: Genx87

Originally posted by: dmcowen674

Originally posted by: halik
F down 12% as we speak.

GM and Toyota are all reporting sales numbers later today... let's see if it's just ford, or slowdown all around.

They've been down, why do you think Bush just gave them $25 billion in taxpayer money?

I didnt realize Bush has the national checkbook with nobody to authorize that spending.

it was authorized last week by congress, iirc.

and it's loans at favorable rates. not a giveaway. but dave wouldn't ever bother to let facts stand in the way of his point.

 

[Budmantom]

Originally posted by: Genx87

Originally posted by: dmcowen674

Originally posted by: halik
F down 12% as we speak.

GM and Toyota are all reporting sales numbers later today... let's see if it's just ford, or slowdown all around.

They've been down, why do you think Bush just gave them $25 billion in taxpayer money?

I didnt realize Bush has the national checkbook with nobody to authorize that spending.

Well, he went to war on his own, so who needs authorization for a checkbook

 

[Trianon]

Originally posted by: Genx87
I didnt realize Bush has the national checkbook with nobody to authorize that spending.

Sad, but true statement, Congress is guilty as well

 

[compuwiz1]

Ford customers are not the only ones who are having difficulty getting financing. Three things are going on here.
1. Lending criteria is tightening.
2. Those who are getting financed, especially sub 700 fico scores are having to pay much higher rates, in many cases pricing them out of what they want to buy.
3. In general, credit ratings are declining.

 

[Aharami]

link?

 

[compuwiz1]

link

The virtual lockdown on credit is hurting Detroit?s Big Three and other automakers at every level. More consumers cannot get auto loans. Dealers are hard-pressed to secure financing for new inventories. The auto companies themselves are running short of cash and can hardly afford to borrow more at interest rates as high as 20 percent.

 

[mooseracing]

Originally posted by: compuwiz1
Ford customers are not the only ones who are having difficulty getting financing. Three things are going on here.
1. Lending criteria is tightening.
2. Those who are getting financed, especially sub 700 fico scores are having to pay much higher rates, in many cases pricing them out of what they want to buy.
3. In general, credit ratings are declining.

It's not tightening, it's getting back where it should be. The banks all of a sudden learned they shouldn't be handing out cash so easily.

 

[Thump553]

I assume that's a monthly sales figure. Is Ford down 33% compared to a year ago, or to the prior month? Either way it's bad.

I saw a story on the nightly news about the #1 or #2 Chevy dealership closing its doors literally in the middle of the day earlier this week. They couldn't get their floorplan financing, leasing was dried up and customers having great dificulty getting car loans.

 

[ElFenix]

Originally posted by: mooseracing

It's not tightening, it's getting back where it should be. The banks all of a sudden learned they shouldn't be handing out cash so easily.

i'd imagine it's actually worse than it should be, because they've overreacted and become very risk averse.

Originally posted by: Thump553
I assume that's a monthly sales figure. Is Ford down 33% compared to a year ago, or to the prior month? Either way it's bad.

I saw a story on the nightly news about the #1 or #2 Chevy dealership closing its doors literally in the middle of the day earlier this week. They couldn't get their floorplan financing, leasing was dried up and customers having great dificulty getting car loans.

bill heard. the salesmen there weren't interested if you came into the dealer with cash.

 

[Dari]

I saw on ABC last night that LIBOR went from 2.xx% to 6.xx% in one day. Scary.

 

[imported_Lothar]

Originally posted by: halik
F down 12% as we speak. GM and Toyota are all reporting sales numbers later today... let's see if it's just ford, or slowdown all around.

Honda will post an increase of course. ^_^

 

[StageLeft]

Originally posted by: ElFenix

Originally posted by: Genx87

Originally posted by: dmcowen674

Originally posted by: halik
F down 12% as we speak.

GM and Toyota are all reporting sales numbers later today... let's see if it's just ford, or slowdown all around.

They've been down, why do you think Bush just gave them $25 billion in taxpayer money?

I didnt realize Bush has the national checkbook with nobody to authorize that spending.

it was authorized last week by congress, iirc.

and it's loans at favorable rates. not a giveaway. but dave wouldn't ever bother to let facts stand in the way of his point.

The giveaway is the difference in interest payments between the terms they got and the terms they deserve (junk-rating, like the kind of interest rates you'd charge a crack head who just bought a caddy).

 

[ElFenix]

Originally posted by: Skoorb
The giveaway is the difference in interest payments between the terms they got and the terms they deserve (junk-rating, like the kind of interest rates you'd charge a crack head who just bought a caddy).

no duh, but that's hardly the $25 billion.

 

[Vic]

Originally posted by: mooseracing

Originally posted by: compuwiz1
Ford customers are not the only ones who are having difficulty getting financing. Three things are going on here.
1. Lending criteria is tightening.
2. Those who are getting financed, especially sub 700 fico scores are having to pay much higher rates, in many cases pricing them out of what they want to buy.
3. In general, credit ratings are declining.

It's not tightening, it's getting back where it should be. The banks all of a sudden learned they shouldn't be handing out cash so easily.

No, it's actually much worse than it should be. A buddy of mine is the F&I manager at a large dealership, and he told me that only the 'bricks' are able to get a decent loan right now, and sometimes not even then.

A car loan is backed by collateral. It's not just handing out cash. Worse still, banks that don't make loans don't make money, so this scenario opens all new problems for the banks down the road.

 

[Pliablemoose]

The only workable solution is to use tax dollars and buy everyone a domestic vehicle.

I think I'll call my plan TRAP (Temporary Reallocation of American taxPayers money)

My grandkids can afford to buy me a new Ford Flex or Suburban can't they?

 

[compuwiz1]

Originally posted by: Vic

Originally posted by: mooseracing

Originally posted by: compuwiz1
Ford customers are not the only ones who are having difficulty getting financing. Three things are going on here.
1. Lending criteria is tightening.
2. Those who are getting financed, especially sub 700 fico scores are having to pay much higher rates, in many cases pricing them out of what they want to buy.
3. In general, credit ratings are declining.

It's not tightening, it's getting back where it should be. The banks all of a sudden learned they shouldn't be handing out cash so easily.

No, it's actually much worse than it should be. A buddy of mine is the F&I manager at a large dealership, and he told me that only the 'bricks' are able to get a decent loan right now, and sometimes not even then.

A car loan is backed by collateral. It's not just handing out cash. Worse still, banks that don't make loans don't make money, so this scenario opens all new problems for the banks down the road.

<------Is an F&I Manager at a Toyota dealership.

 

[GTKeeper]

Originally posted by: Dari
I saw on ABC last night that LIBOR went from 2.xx% to 6.xx% in one day. Scary.

+ 1.

Bonds are going to be profitable.

 

[Cattlegod]

Toyota says September sales down 32.3% More soon.


www.cnn.com

 

[dmcowen674]

Originally posted by: Thump553
I assume that's a monthly sales figure. Is Ford down 33% compared to a year ago, or to the prior month? Either way it's bad.

I saw a story on the nightly news about the #1 or #2 Chevy dealership closing its doors literally in the middle of the day earlier this week.

They couldn't get their floorplan financing, leasing was dried up and customers having great dificulty getting car loans.

It was the $2.5 billion dollar Bill Heard Chevy Dealership with it's headquarters in Alabama and a lot of it's sales were in Atlanta.

 

[Martin]

until Toyota USA releases their numbers, have a look at this:

Canadians car buyers continued to choose smaller vehicles last month, with market leader General Motors booking a 7 per cent overall sales slump while Toyota Canada Inc. was up 14.9 per cent from a year earlier.

http://www.reportonbusiness.co.../BNStory/Business/home

 

[Ktulu]

Originally posted by: Martin
until Toyota USA releases their numbers, have a look at this:

Canadians car buyers continued to choose smaller vehicles last month, with market leader General Motors booking a 7 per cent overall sales slump while Toyota Canada Inc. was up 14.9 per cent from a year earlier.

http://www.reportonbusiness.co.../BNStory/Business/home

Toyota down 29.5% from last Septemper

Honda down 20.9%

GM down 15.8%

Looks like between the Big 4 GM is holding up the best.