Correct me if I'm wrong and I really hope I'm wrong. I understand that a part of the Auto industry bailout is a new loan policy for buyers. The auto manufacturers would finance new and used auto purchases for the buyers much like GM has done in the past, however, there will be 100% financing and they'll be able to offer loans to people with lower credit scores than they are now able to do.
This sounds almost identical, no, make that identical to what happened in the home mortgage lending. We allowed people who could in no way repay a loan borrow the money for a house with no money down and then foreclosed on them.
Does this mean we'll have great deals on slightly used cars in a couple of years?
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