Auto Industry Bail Out – What is so Complicated?

I don’t understand the financial wizards. If the Detroit Automakers go down – you might as well extend Lake Michigan to Lake Huron. Congress needs to get real. The key, however, is not just to give the big three money – they will burn through it unless AUTO SALES ARE STIMULATED.

To do that – all that is needed is to provide government guarantees to the Banks on auto loans and leases for the purchase or lease of domestic manufactured vehicles. The interest rates should range from 1% on fuel efficient cars to 4.99% on the SUV gas guzzlers. The Federal Program has to say to the Bank – if you want the guarantee – then you must approve loans for Buyers/Lessees with FICO scores above 600 (not the current ridiculous new requirement of 700 that has killed the market). If the buyer/lessee defaults, then the Bank is covered on 90% of the loss following repossession and sale of the vehicle.

This, coupled with enough money to get the Big 3 through the crises – is a plan that will work. Once auto sales and leases get going – so will our economy and only then will a turnaround occur.

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