My first entry. I’ve got small independent dealership in Mpls. Mn. What do you recommend as service, vendor through whom to obtain car loans for my customers. We sell about 25 cars per mo. We’d need the sub-prime and “normal” loan products. I’m aware of a credit union bundler called CUDL, and I believe Wolters Klewer sells something called AppOne
Any names ideas?
Jim Stack
AutoMotion Sales
651-274-9425
Marcie – Remember to account for inflation and the real growth in the economy. A dollar in 1982 is not equivalent to a dollar in 2008. The average nominal GDP growth rate since WWII has been 6.7% (3.2% inflation plus 3.5% real growth). Using this average growth rate, $44 billion of motor vehicle loans in 1982 equates to $238 billion in 2008 (44 x (1.067)^26), not much different than the $250 billion you noted above.
I really do believe that the 24 hour news format of today has a lot to do with the current hysteria over the economy. CNN, Fox News, etc. are competing for your attention. The “D” word (Depression) gets a lot more attention than the “R” word (Recession). I just think that after 30 minutes or so the news of the day is conveyed, after which you start making things up. Remember, I’ve got 24 hours to fill and ratings to increase.
Thanks Steve. I did do a quick review of Credit Acceptance a few weeks ago. Great story about founder etc. I’ll dig back in. Thanks!