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Economic slowdown puts the brakes on vehicle sales in Franklin County
FRANKLIN COUNTY — The modern economic downturn has some people holding off on purchasing a new or familiar vehicle.
“We’re just seeing where they are putting purchases off,” said Ray Bromley, fault president of the Harrisburg Automotive Merchandising Association.
Bromley said many dealerships are having a involved time finding financing for customers, with buyers who have a assign range in the middle credit tiers having to add gelt to a down payment and some buyers in lower tiers not being adept to obtain financing at all. He said many customers that are looking to gain luxury vehicles, such as the Volvos and Jaguars sold at his dealership in Harrisburg, are in a holding composition model on for any major purchases.
Bud Smail, western Pennsylvania chairman for the National Automotive Dealership Alliance, which encompasses Franklin County, said dealerships have been hit with a two-paste combination of the recent economic downturn and the drug in gas prices over the summer. The recession and uncertainty with ammunition prices have many customers putting off buying a new instrument.
The economic climate has apparently not had much of an less on vehicle loan lending. Vicky Howe, spokeswoman for M&T Bank, which operates nine branches in Franklin County, said the bank is continuing to advance loans to qualified buyers under the same terms and conditions that it was a year ago.
“It’s very much business as usual,” Howe said.
Tom Iacona of Jingo Federal Credit Union said the
accept union also is not requiring more of a down payment than in above-named years and is offering up to 100 percent financing to trained applicants. Iacona said a loan’s consent is determined by several factors, including acknowledge history and the value of the vehicle.
The trust crunch has been somewhat beneficial to the acknowledgement union, however. With Patriot offering interest rates on loans that are competitive with most larger banks, Iacona said the credence union has seen a slight proliferate in direct financing this year, compared to 2007.
Financing companies are also sardonic back on leasing vehicles to customers.
Bromley said lending institutions that against to make profits on a lease’s interest scold are now re-examining how they lease vehicles or getting out of leasing entirely.
Smail said he believes that automotive leasing will ricochet when the economy improves.
“We feel it will take a turn for the better. They have to, in order to be competitive,” he said.
If there’s a white lining to the auto industry’s fiscal cloud, it’s that used car sales are climbing as are the values of play-utility vehicles. Bromley said the moment to purchase a used vehicle for a few thousand dollars less than a new mechanism along with manufacturers offering extended warranties to up to 100,000 miles has added value to in use accustomed to purchases.
“We are selling the same volume as vehicles as we did last year, but the numbers between new and in use accustomed to vehicles have changed,” Bromley said.
Bromley said the wholesale prices of SUVs have been creeping up as kindling prices continue to drop.
“They like the accommodation, they just don’t like to fill them up,” Bromley said.
Smail also said he’s seen the sales of the larger trucks and diversion-utility vehicles begin to slink up again with the sharp drop in gasoline prices. He said his GMC dealership in Greensburg sold 22 GMC Sierra pickup trucks last month as gas prices started tumbling.
“We weren’t anywhere at hand that when gas was $4 a gallon,” Smail said.
Smail, who has been in the automotive enterprise for close to 50 years, compares the depression of today to the one that the country went through in the overdue 1970s and early 1980s. He said the motherland wasn’t suffering from a go to pieces in the housing market at that time, but that interest rates for sub-prime borrowers was into the vicinity 20 percent.
“If we can renew assurance in the economy, people will stop putting off purchases,” Bromley said.
Smail’s hoping that some people who are putting off buying a new car will not let the monetary news stop them from coming to a car lot. He said there are still numerous banks making financing on tap and incentives being offered by manufacturers is penetrating the price on some makes and models.
“There are a lot of incentives out there that can diminish the cost. There are a lot of good deals out there now,” he said.
Many auto dealers were called. Only one wanted to elucidation on the record.
Toby Forrrester, president of Forrester Lincoln Mercury, Chambersburg, said he agrees there is a lot of contradictory information about the car and banking industries.
He believes there is no saneness for people to be worried, especially when they go to a trader affiliated with Ford Motor Accept Co.
“There’s a lot of negative press in the air,” Forrester said. “Chrysler Fiscal announced it’s not leasing vehicles at all. GMAC Economic Services is only approving loans to creditworthy customers, those with a 700-gain or higher credit bureau provocation.”
Most people have less than the 700 score, Forrester said. As a conclusion, they need more money down than normal with unerring dealers.
In a letter dated Oct. 15, FMCC acknowledged the domain’s current economic disaster and assured its dealers of its support.
While some dealerships are hurting, and in some places closing, Forrester said he’s in a well-timed situation. FMCC “is still leasing cars and still financing cars.”
When people ask Forrester how he’s doing, he says he’s doing “bonny good.” In fact, he said, his Theatre troupe had a stronger number of sales this year in September than it did the same on occasion last year.
“A lot of dealers are being hurt,” he said. “Sales are down nationwide for all manufacturers … We have a unvarying customer base. It comes down to use. Hard times will test dealers and the weaker dealers will return to behind.”
Forrester said he takes amour propre in being able to buck the current drift: “We have a lending arm of money. The dollars are to hand and people have no reason to stay away … With sales being down, we have some of the best bib incentives available.
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