By now you probably know about the auto sales freefall.
I get the feeling people are holding off on buying a new car, as they ordinarily might, because they don’t want to end up over-stretched should the economy get worse. Or maybe that’s another way of saying: my loan wasn’t approved.
Loan refusals are at their highest levels since 1984, when the data started to be tracked. CNW Marketing Research, Bandon, Ore., reported that just 63% of auto loans have been approved this year, vs. 83% last year.
Bad news for dealerships. But possibly an opportunity for an online by-owner marketplace.