http://www.usatoday.com/money/autos/...is-loans_N.htm

 

That is just sad!
I was talking with the salesman that sold me my SS and he asked me if my company was hiring, he is looking for another job.

 

Thats Sad. Even when the economy Rebounds which it will. Where our people going to work? There are only so many jobs out there.

 

The day may come when banks require 1/3 down with a 3 year maximum loan repayment again.

I wonder how Mr. Norm at Grand Spalding Dodge is doing these days?

 

I don't view this as an entirely bad thing. Most long established dealerships with a following and reputation for good customer service will survive. Some dealers that behave in a shady manner won't survive. Too bad. People who shouldn't have been allowed to have a loan before the crisis can't get one now. Again, too bad. Taking 7 and 10 year loans out on cars, then later wraping them into a mortgage refinance was just plain stupid. Of course this contributed to the over proliferation of car dealers. Reality has finally hit.

 

It's not just the dealers that are going down. But the fall out will be far reaching in the auto industry and maybe for you and me. From the people who sale cars to the guy who works down the street for subsidiary making parts for building them. If they lose jobs the the trickle moves on to other industries.

I agree there are to many dealers out there for domestic cars and there needs to be fewer of them. But the decline needs to be at a controlled slow rate. Not all in a few month period.

 

Ditto,
I work in the steel industry, with my dept. making the steel that goes into what is still steel on new vehicles. So this affects me also. Tho i'm a electrical technician w/ 30+ys senority, i will probably not be hit as hard as some others, it does affect b4 and after a vehicle sale.

 

Two of the leading Chevy dealers in the Houston area just closed up.

 

It is a mixed blessing as there are just too many dealers for most American car companies. This will help pare the number down to where it needs to be with out the companies having to buy them out.

As for jobs there are more jobs out there than some want you to know about.

Where I work and my father inlaw works we are always trying to get more good people but many fail drug test and fail to show up everyday and get fired on attendance.

Now on the bad side...

Right now the major concern is will GM, Ford and Chysler remain viable.Things are bad, real bad right now and not going to get better soon. It is one thing to lose some dealers but another to lose corperations that not only employ thousands but buy from suppliers that employe 10s of thousdands.

These problems have been a long time coming. We as a country have all gotten greedy and lazy [myself included]. Hard times may be just what either make or break this country.

 

In the Southern Calif/Western Region 12 GM dealers have resigned their franchises in the past month. There will be more and although it's bad for all the employees at these stores, there will be a domino effect in the communities. I have already taken a pay cut, lost most of my benefits and incentives........but I'm still employed. My income is about the same as 1990.