Apr
09
Wall Street Is Making It Harder to Buy a Car
By-
More pressure for an industry already facing sliding sales
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Carmakers and lenders ‘have to reset’ as U.S. market slows
On countless occasions in recent years, the U.S. auto industry has relied on cheap and easy credit from Wall Street to get it through rough patches.
Not this time.
With both bad loans and interest rates on the rise, financial institutions are becoming more selective in doling out credit for new-car purchases, adding to the pressure for automakers already up against the wall with sliding sales, swelling inventories and a used-car glut. “We’ve been having a party for a few years and it was fun,” said Maryann Keller, an industry consultant in Stamford, Connecticut. “Now lenders are getting back to basics.”…
Wall Street Is Making It Harder to Buy a Car
