Aug 17th, 2007 by Frank Mangano
It sure looks pretty bad out in the mortgage and real estate worlds. If you don’t think this will effect your ability to buy a new car, think again. GM see’s it one way, I see it another (you will like me more than GM after this). In a story from Reuters available at CNBC GM’s Bob Lutz is already blaming poor sales in the upcoming months on the housing market problems. Given they own GMAC Mortgage he has a good view of the whole story. His theory is if you as a consumer don’t feel wealthy you won’t buy a new car. So while GM is already talking up poor upcoming numbers to prepare Wall Street hoping they will be easy on the stock, I already see a better story for consumers.
One thing will no doubt return, wild and crazy offers! That is right, GM may own a bad mortgage business loosing an estimated $1 Billion a year at last count, what they really can’t afford is not to sell cars. So in come great incentives and creative deals to get you in the showroom. So, if your in the position to sit in your house and wait out that storm of mortgage shopping, think about turning in that old car for a new one, GM, Ford, and others will be coming aroud the corner with some great holiday offers for you.
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[…] GM’s other statements about the mortgage market are not involved your asleep at the wheel. Read the posting I made recently on this […]