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Originally posted by Krystian
If you have no job combined with little to no savings and are spending $20,000 on a vehicle you are not a wise individual...I doubt you would get a loan in this economy even...
For some people who actually intend to purchase a vehicle this is a great incentive...
But you are right, there really is no need to waste this much money on this program other than try to artificially boost a dieing industry..
Originally posted by Darthorious
I was told you have to be able to qualify for the loan from the bank before your even allowed to apply for the govt. cash and then you have to be qualified by the govt. to get the cash by buying an energy efficient car and trading in a gas guzzler. Reason so you can't just take the cash and run in the end.
Now I live in a po dunk town so it may not be quite correct but this is what they told me and said because I want to buy a standard 4-wheel drive truck (which by the way is right now cheaper than the energy efficient vehicles) I wouldn't qualify anyway.
So with my trade in I'm looking at 11,000 for a brand new 4-wheel drive truck and chances are they can not give me a better deal even with the program.
Basically if you have bad credit you will not get approved through the bank and that will automatically disqualify you for the 4500 bucks.
Edit: I do agree though that it is a stupid program in the first place and solves nothing all it does is move the country as a whole further in debt while trying to keep the car industry afloat for a little longer and pad the appearance of a recovering economy but in the end just draws it out longer.
[edit on 1-8-2009 by Darthorious]
Originally posted by jtma508
You have absolutely no idea what you are talking about. This Fannie Mae/Barney Frank/Democrats/Bill Clinton FORCING banks to lend to unqualified people to buy homes has been soundly debunked.
WASHINGTON (AP) - A senior House Democrat threatened banks Wednesday that if they don't volunteer to save more homeowners from foreclosure, Congress will make them.
In a sternly worded statement, Rep. Barney Frank said Congress will revive legislation that would let bankruptcy judges write down a person's monthly mortgage payment if the number of loan modifications remain low.