Apr 09
A Heads-up to our members and supporters!
Please carefully read through this story recently published by Neil Macdonald - “Indebted America Keeps packing on the plastic”.
Quote:
“Eight thousand American households are sliding into foreclosure every day. An estimated 1.2 million families now face losing their homes.” Unquote.
Another Quote:
“Rheingold, who correctly predicted the subprime fiasco even before it began, has another prediction today: That Americans will start defaulting on credit card debt, too. And probably auto loans as well, which account for another $1 trillion or so of consumer debt.” Unquote.
The message is clear, if you are about to buy a car hold off for 6 months. Wait to you see all the car lots bulked up with inventory. We don’t think the US dealers will hesitate to sell to Canadians, and well lower than MRSP.
April 9th, 2008 at 7:52 pm
In addition to the inevitable high U.S. inventory levels, it would be great to put more pressure on some car companies in Canada. If you are able to, do not buy a vehicle from car companies that continue to be way overpriced during the entire month of May. BMW Canada’s sales were down by 25% last month and they responded by increasing their incentives slightly (basically throwing us a bone). It would be great to see a few months of sales down by 50% or more. Only then will they realize that Canadians aren’t going to take it anymore. If we continue to buy then they will continue to treat us like suckers.
April 9th, 2008 at 8:34 pm
What a sad article, please read the full CBC story. Those literally poor working Americans will lose almost everything…those damn Republicans are ruining that country! This is it folks…I think this downturn will be long and very ugly. Canadians should brace themselves as well…we are not immune.