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“As used-car values drop a bit and delinquencies and roll rates begin to increase, the subprime sector will show significant underperformance and lack of decent liquidity,” said Don McConnell, senior portfolio manager at Bank of Montreal’s BMO Global Asset Management in Chicago, who helps manage $15 billion of taxable bonds. He’s reinvesting cash from maturing notes elsewhere.
originally posted by: AugustusMasonicus
originally posted by: Aazadan
Cars can be repoed, but when that person no longer has transportation to get to work, what's going to happen?
What's the difference? If their car is being repossessed then they aren't paying the note anyway.
originally posted by: AugustusMasonicus
Oh well, don't be an idiot and over extend yourself.
originally posted by: Aazadan
It's easy to say that, but many people have made poor financial decisions. If landlords suddenly stop getting rent and mortgage payments, what happens to their properties?
originally posted by: AugustusMasonicus
originally posted by: Aazadan
It's easy to say that, but many people have made poor financial decisions. If landlords suddenly stop getting rent and mortgage payments, what happens to their properties?
Why is that the automotive companies finance department's concern? Should they just let someone float on their payment so someone else can get paid? Kind of a stupid business practice, no?
originally posted by: Aazadan
Why should it suddenly be a small business owners concern, or a landlords concern, or an employers concern that the automotive companies were making bad loans?
originally posted by: Aazadan
originally posted by: AugustusMasonicus
Oh well, don't be an idiot and over extend yourself.
It's easy to say that, but many people have made poor financial decisions. If landlords suddenly stop getting rent and mortgage payments, what happens to their properties? What happens to the economy when so many people stop having transportation to their shops to buy things?
We could have prevented it, but that time has passed. Instead, this is the potential outcome we're looking at. It's not just the unemployed, it's all the businesses that will face a decrease in customers, which leads to fewer jobs, and even more unemployment.
originally posted by: Aazadan
a reply to: ketsuko
Cars should be purchased in cash anyways. Taking out a loan for a depreciating asset is a bad idea.
If you can't afford cash for a car... well, that quickly gets you to the frame of mind that gets people trapped in subprime loans.