Quote:
Originally Posted by AdamEL
I like how they compared GM buyers with lower credit scores to Ford buyers with lower credit scores. Of course Ford is going to have a lower number there. Their cars and trucks are way too much money. People with average or below average credit scores simply can't afford them. At least GM offers a good amount of affordable vehicles for people. Although, I had no idea that repossession numbers were that huge. I've only heard of one or two people in my life that ever got a car repossessed. Weird...
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Besides your theory being debunked in the post by shaffe, it doesn't have anything to do with the price of the vehicles, it's about giving loans to people who are more likely to default because of low credit scores.
You don't have to look very hard in this forum to find posts about people being offered financing at lower rates, or better terms from Chevy compared to the competition, that sometimes wouldn't finance them at all. The repo rates that the article mentions are the result.
Like I mentioned in another thread where this was brought up, it moves more vehicles off the lots today, resulting in higher sales numbers, but doesn't work in the long run. It's a foolish way to conduct business, unless you don't care about the future.