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KashannKilson's profile
Copy McPasty, Writer
Copy McPasty, Writer
Copy McPasty, Writer
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@KashannKilson

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Copy McPasty, WriterVerified account

@KashannKilson

Coder of unimpressive things. Writer of less impressive things. Kwanzaa miracle since 2013. 23rd most popular @TheCSPod contributor.

PDX
Joined February 2009

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    Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

    Copy McPasty, Writer Retweeted

    Ok, I’ll try and keep this brief, but lets talk PT Cruiser and the 2007 recession. FYI, I’m not *blaming* the crash on the PT Cruiser, just generally laying out how the story of the PT Cruiser and the people who bought them provides an early window into the lending meltdown... https://twitter.com/chuckletmilk/status/953713685792346113 …

    Copy McPasty, Writer added,

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    1:26 PM - 17 Jan 2018
    • 1,214 Retweets
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    • Laura GH Marty O'Donnell Anonymous Puzzler! Oliver Brooks Callison almie 🌹 Redtail CJA Works Joe
    64 replies 1,214 retweets 2,485 likes
      1. New conversation
      2. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        (if you were in the car biz in the 00’s and want to chime in/check my work, feel free...just maybe turn your location off just in case any of your former customers are out there still pissed about what you did to them)pic.twitter.com/wSpDnqgbv9

        3 replies 4 retweets 137 likes
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      3. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        So rewind to the late 90s: economy was strong for a good chunk of consumers (definitely not everyone), and while lending wasn’t the free-for-all it was to become, it wasn’t terribly hard to get financing (again, a good chunk of people, but definitely not all)...

        1 reply 5 retweets 101 likes
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      4. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        the auto industry was doing ok generally, but US companies were in a slump; GM and Ford were doing trucks, suvs, and a lot of fleet stuff (municipal vehicles, rentals, etc.) but were getting the brakes beat off them by Japanese companies when it came to passenger cars...pic.twitter.com/fBCLA0K7LC

        3 replies 4 retweets 105 likes
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      5. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        Which brings us to the third of the Big 3: Chrysler. They had Jeep, (which has always been pretty solid), the Ram trucks, (which weren’t quite putting up F-150 and Silverado numbers), and were doing really well with minivans. The problem is Chrysler wasn’t just making shitty...

        1 reply 4 retweets 99 likes
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      6. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        passanger cars, they were making A LOT of shitty passanger cars. If you remember, they were making Chryslers, Dodges, and Plymouth, each with a full line of slightly differently badged heaps of junk (think Cirrus/Stratus/Breeze)...

        2 replies 4 retweets 123 likes
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      7. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        Anyhoo, Chrysler was hemorrhaging money, but Daimler-Benz came in, saw some potential, bought a huge stake, and got to work on a major rebrand/restructure, which basically looked something like this: Jeep: You’re cool. Dodge: Let’s hit the gym and bulk up. Plymouth: lolbye

        2 replies 4 retweets 160 likes
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      8. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        But what to do with Chrysler?pic.twitter.com/AAZWgh2Lrh

        2 replies 2 retweets 102 likes
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      9. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        The answer ended up being something pretty genius from a marketing standpoint: going full on Americana nostalgia with some really out-of-the-box design that harkened back to a time when Chrysler was a fairly upsacle brand. The result being...well, this...pic.twitter.com/oERT1hpZcL

        4 replies 8 retweets 154 likes
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      10. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        And when this thing dropped??? HOLY SHIT!!! People went absofuckinglutely bananas.

        1 reply 4 retweets 130 likes
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      11. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        I know some of you youngs might not believe it, but there were 50-11 different articles claiming the *The PT Cruiser* was the sign the US auto manufacturers were going to reclaim ALL their former glory heading into the 21st century.pic.twitter.com/69Z2fSziYg

        4 replies 14 retweets 247 likes
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      12. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        More importantly to this story, people around the country LITERALLY lined up just go get a look at this thing. In some parts of the country, there were so many pre-orders dealers were telling people there was a 6 month wait just to test drive one of them. It was madness...

        3 replies 2 retweets 129 likes
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      13. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        But here is where it starts to get really interesting: the car caused such a mania that Chrysler couldn’t keep up with demand. This lead to two very important developments: 1. Chrysler, deciding they had a winner on their hands, started crushing out inventory over the few years..

        1 reply 5 retweets 114 likes
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      14. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        2. The dealers saw they had a cash cow with the first wave of buyers and started charging all kinds of markup. You went in to the dealership for a PT Cruiser with an MSRP of let’s say $28,995, but between Regional Dealer Markup, Special Order fees, clear coat, extended...

        1 reply 4 retweets 106 likes
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      15. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        warranties, and whatever else they could throw on top of it (on top of state taxes/fees), and you left with a contract for $35,000-$40,000 EASY...

        4 replies 2 retweets 107 likes
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      16. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        So for the first couple of years at least, Chrysler was like:pic.twitter.com/jecAebasoE

        1 reply 4 retweets 113 likes
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      17. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        and the dealerships were likepic.twitter.com/UvBsJIN1fS

        1 reply 3 retweets 111 likes
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      18. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        BUT as happy as they were when they got the keys, that first wave of buyers now owed $35k-$40k on a $30k *PT Cruiser* that immediately started to depreciated the moment they drove off the lot...pic.twitter.com/BWmGGwd2bj

        1 reply 4 retweets 131 likes
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      19. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        so over the next couple of years, the buzz kind of wore off; all of the first wave buyers finally got their cars, and as it turned out, there were a lot of people who just weren’t that enamored with bright purple, wooden panel cladded hatchbacks. PLUS it turns out that...

        1 reply 2 retweets 120 likes
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      20. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        for all the innovative design, the PT Cruisers were basically the same shitty Chrysler K cars, just with more expensive options that needed fixing.pic.twitter.com/WI386y3nNm

        6 replies 6 retweets 188 likes
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      21. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        Now, remember that part about Chrysler deciding they needed to mass produce this vehicular messiah of the 21st century US auto industry?pic.twitter.com/S9wmSvOVrf

        1 reply 2 retweets 95 likes
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      22. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        So now Chrysler has WAAAAAAAAAAAAAY too many of these cars than they know what to do with. Just lots and lots full of misfit PT Cruisers that no one wants. Dealers are refusing to take delivery—like sending the delivery drivers away.

        1 reply 3 retweets 124 likes
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      23. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        Chrysler: Look, y’all are going to start taking these motherfucking PT Cruisers or we’re not going to send you ANY new inventory. No trucks, no minivans, not a single new vehicle.pic.twitter.com/7JlbgnhH7z

        1 reply 4 retweets 125 likes
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      24. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        Dealerships: Used cars are more profitable anyway, so....where do we go from here?pic.twitter.com/2reIERccwC

        1 reply 2 retweets 123 likes
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      25. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        So here’s where the financing part starts to get a little goofy: Chrysler’s financial arm says listen, we’ll loosen up our lending guidelines if Chrysler starts offering some rebates/bonuses and dealers agree to start taking inventory again.pic.twitter.com/XwjXw3ZPHw

        1 reply 4 retweets 106 likes
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      26. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        All parties agreed, and at that point, chances were if you came within 500ft of a Chrysler dealership a whole squad of people were trying to get you out the door with a new PT Cruiser...

        1 reply 2 retweets 103 likes
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      27. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        No down payment? No problem! No credit? No problem! Bad credit? No problem! No verifiable income? No problem! No pulse? Hey, these things already kind of look like a Hearse right? Just please get these horrible hunks of ass of the lot!!!pic.twitter.com/bOstSE2TIy

        2 replies 6 retweets 240 likes
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      28. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        But check out how the math works: Dealers lower the MSRP from $27,995 to $25,995 Factory Rebate: $4,000-$5,000 The dealership, who will get a kickback for selling distressed product at a high volume adds another $4,000-$5,000 discount so people who would have been laughed+

        1 reply 3 retweets 106 likes
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      29. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        out of the dealership a few years ago are walking out now paying $15,995 for a brand new car. Chrysler is happy because they are moving metal and still making a bit of profit, the dealerships aren’t making much on the front end, but again, high volume and manufacturer kickbacks

        1 reply 3 retweets 122 likes
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      30. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        and the finance company is the big winner because they are making money (first time/bad credit buyers pay a higher interest rate), but with the discounts, the contracts are all like 60% of the total value of the vehicle so not that big of a risk if a chunk of them go into repo...

        3 replies 3 retweets 115 likes
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      31. Copy McPasty, Writer‏Verified account @KashannKilson 17 Jan 2018

        So it looks like the crisis has been acerted for Chrysler, BUT... Remember all of the first wave buyers? The folks who left the dealerships a few years ago paying $40k for the same PT Cruiser your cousin Curtis just picked up for $15k and change?pic.twitter.com/RVLMMW5BWh

        1 reply 5 retweets 162 likes
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      32. Show replies

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