Cash for Clunkers is over. Let the repossessions begin!
How many people that took part in the program will suddenly find out that they can’t really afford a new car? Their "clunker" was paid off, and they had no car payments.
How many people are going to find out that insurance on a brand new, financed ,000 car is a lot more than the 00 "clunker" they were driving?
So how long until we start to see record number of repossessions? And will it be reported in the media?
in about 4 months from now when they are 3 payments in the red
I was wondering how some of the people who took part in it can afford brand new car payments.
I don’t think there will be record numbers because quite a few would have bought cars anyway, but there will be some within 6 months.
LMAO…I was thinking the same thing. The media won’t report this because it would make the Obama administration look bad.
There may be some but the percentage may have been lower if those who are not hellbent on President Obama’s failure would not cut off their nose to spite their face and used the incentive. I’m sure some did but I bet others would rather die than credit him with anything.
Most of the media won’t report it,but my people at Fox will!
What’s the matter, all you proud, independent, fiscally responsible conservatives can’t afford the payments you signed up for? I know what your thinking, conservatives wouldn’t sign up for such a program, think again. According to the fair and balanced Fox news, the most turned in clunker was the Ford Explorer. How many liberals were driving them around this year?
Many people used "clunker" as down payment. In a few months, they won’t be able to pay their monthly dues.
Look for another credit crisis in 2010.
About 3 months, when most banks start repossessions for delinquent payments. The problem here will be that, unlike the housing bailout where there was at least real estate to be foreclosed on, the cars will most likely be good for the junk yard only and a complete and total loss. Looks like the banks have a new windfall headed their way. I hear they’re already talking about another bailout. Tax payers beware.