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new car purchases
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Posted by JF on February 17, 2004 at 12:28:19 from (220.127.116.11):
Very interesting article on Yahoo today. Stated that 40% of all trade ins are worth less than the amount owed on them. Banks are now fianacing 101% of purchase. The average transcaction is 26000. Down payments are at an all time low of 3-5%, was 15% only in 1995. Average life of new car loan 63 months. Household debt rose 11% in 2003 mainly with bigger mortgages( average mortgage is now 700 dollars) through low interest. Average new car payment is now 400 a month. These were all facts as printed from Yahoo. Editorial------One must wonder how much longer before the dam burst. 2003 had more bankruptcies than any previous year. The slow economic growth in this country may be contributed to a lack of disposable income in the average household. Consumers obtained low payments for prolonged periods of time to purchase large items and now the roosters are coming home to roost. Oh well none for me. No mortgage, no car payment, no loans, just a feeling of fiancial contentment.
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