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I think it's too early to cry the "sky is falling", but the reality of the situation will set in when folks attempt to complete the transaction (ordering a car with $500 deposit is easy, hell you don’t even need a job). But let’s see what happens when folks:
1. Trade-In their vehicles (if they have one). Many are going to be insulted on what they are offered
2. Financing rates (based on the newly revised FICO scores and availability of money to lend)
So don't summarily dismiss these questions. We learn by asking.
BTW in the last week I have witnessed 40 of my associates get laid off (DoD government contractors) who all had high paying jobs and could have purchased anything they wanted. Many are Corvette owners and were looking at trading up to take advantages of all the great deals going on. This recession is real and most likely will get worse.
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