Actual story: Peter Schiff has awful credit and tried to finance an Impala. Was irritated that his interest rate was 14.99% and wrote this nonsense.
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Can ANY modern industry survives in a high interest environment?
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Congress is planning to pass new legislation that would permanently ban all civilian usage of fully automatic assault vehicles with the exception of military and law enforcement. This will force the auto industry to the brink of extinction.
Great news for bicycle manufacturers!pic.twitter.com/6OYdnci3ZS
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Yes, of course it can. It’s not at all like the housing market bubble. Buying a vehicle is a need. You don’t have to buy a house. You can easily rent a room. Which is why people w/ subprime credit sign car deals at 28% on 60 months. Schiff is way off.
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Can student loans? Hope not.
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Is this the same guy you debated about bitcoin when it was like $200?
wht would anyone in the world care what he says now?
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https://www.ncua.gov/DataApps/Documents/CUBNK200320042005.pdf … Used to check historical auto rates..
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For nearly 20 years, it's been 4-7%. At 35,000 this makes a $50 difference per month. Hardly a show stopper. Also, Americans spend too much on cars - because they can. This is will merely straighten that out.
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Apparently the Dollar can't. Beautiful short squeeze today.
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Can a young person with government student loans survive in a high interest rate environment?
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Yeah, but it's gonna put major downward pressure on these outrageous prices.
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