US Auto Sales down in July, auto loans affected ~ Pinoy Reviews

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Monday, August 18, 2008

US Auto Sales down in July, auto loans affected

According to a news report, US auto sales seemed to hit a brick wall last July. US auto maker giants, General Motors posted a 26.7 percent decline, Ford's sales fell at 14.9 percent and Chrysler reported a decline of 29 percent. According to analysts, this was mainly due to rising oil prices, falling real estate value, increase in unemployment and tightening credit policies.

Tightening credit policies means that fewer Auto Loans are granted and though there is an abundance of Bad Credit Car Loans in the US, high interest rates coupled with high unemployment rates doesn't seem like a good combination.

In the Philippines, the MMDA reports a decline in the volume of vehicle in EDSA and an increase in passengers of the MRT.