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Domestic Auto Sales Tumble, Miss For 6th Of Last 7 Months (Don't Tell Phil LeBeau)
Judging by the smiling Phil LeBeau who earlier opined of an 8.9% plunge in For F-Series sales that "I don't know if I'd Call that a slowdown," you would think the US Auto industry was killing it. Apart from the fact that all but the most luxurious brands missed expectations, we sum up the month of June's results by nothing the credit-spewed spike in May is now over and domestic car sales are continuing to trend lower. This is the biggest MoM drop since Sept 2014. As Ward's notes, they have now missed expectations for 6 of th elast 7 months...
Auto Sales SAAR dropped from 17.71mm to 17.11mm - the biggest percentage drop MoM since Sept 2014.
Charts: Bloomberg
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BTFD
Long MRAPs
The solution is simple: 15 year auto loans. Then when the piece of shit falls apart in 10 years they can roll the balance into the purchase price of a new car with the new and improved 20 year car loan. All eCONomic woes can be fixed with moar debt.
"Auto Sales SAAR dropped from 17.71mm to 17.11mm"
GM forecast 17.3 million SAAR
Chrysler forecast 17.5 million SAAR
Ford no forecast
pretty much expected if you paid attention to calendar. May had 5 fri/sat/sun ... june stuck with "4" for those days
Phil LeDouche drives a convertible smart car powerd by Jim cramers punggiant queef juice.
You have confirmed what i heard was not a rumor. cheers
RIPS
Barry needs to buy moar cars for eye-sys.
Phil has sucked every cock in Detroit and Washington DC. Such a prick this guy is
Phil " GM will never go bankrupt" LeBeau. He's the bagdhad bob of the domestic auto industry--what's left of it.
http://freebeacon.com/national-security/iran-repatriates-13-tons-of-gold...
Good for them I hope they traded their oil for chinese gold.
Edit: Wishful thinking. Its South African stolen gold being returned.
RIPS
Subprime auto loans end, sales tumble. Coincidence I suppose. Moar credit plz.
This time its different.
Thing is, I work in retail finanace - and I haven't seen any real slow down in sub-prime auto loans...from what I can tell, they're still shoveling money out the door for auto loans. I could be mistaken, of course - I'm just one guy and I only see a relative small number of credit reports per week...but when I see people with no credit history other than a defaulted student loan getting 40K, I figure banks are just giving it away...
Someone's gonna get $paid, no matter what...
Mark - I could be wrong, but i believe these figures reflect NEW cars. The subprime auto loan fiasco is, at least in great part, associated with idiots buying used cars with long term loans.
Yes, this is what i was refering too, used subprime, Wells Fargo comes to mind with ending the program.
Phil Le Beau is such a shill for the banksters and MIC. That clown started in San Diego years<> decades ago and sold his soul in the process.
Everytime I go to get fuel, the nozzle I use to fill my tank reminds me of Phil LeBeau.
Friggin' cars. Have one only because you essentially have to have one to function in the country the way things are set up. Owning one does nothing for me or my ego. I'd rather walk if I can.
The F150 is having frame supply problems. One reason for the drop there.