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Not sure why OP was being downvoted. I just bought a new truck, financed mostly with an auto loan. I couldn't remember or provide half the information required

Not sure why OP was being downvoted. I just bought a new truck, financed mostly with an auto loan. I couldn't remember or provide half the information required for the loan application and was told "don't worry about that." I still got approved. Another story, I recently changed rental apartments. My "credit report" was a page I printed out from a consumer credit reporting site, where I could've changed any data. My point being, all this loose validation seems very remiscnet of the easy money that was so common pre-Great Recession.

holydude 10y ago
Cheap money is vital to the economy. I know that the market is different in the EU but look at what is happening in Germany and Greece. You would not want that.
- gillianlish 10y ago
  massive endemic fraud is not vital to the economy... although it is vital to destroying an economy.
- cylinder 10y ago
  Vital to an unstable, bubble prone economy. Long-term sustainability is not enhanced by cheap money. What we want is clever money.
stuart78 10y ago
Same experience for me on a recent car purchase. Dealer didn't particularly want a down payment, which made me suspect that they are being comped on loan volume when financed through manufacturer, a choice I opted for because the % was 2 points lower than my bank.
matwood 10y ago
Not even in the same ball park as 2008. Auto loans are a lot easier to recover than a home loan. If you don't pay your auto loan they just come pick up the car. Then they get to resell the car again. This is completely different than a home loan in both value, and the process for the lender recover the collateral. Home loans right now are still very tight. I had to provide more documentation for a simple refi with the same bank, than I had to provide in 2011 when I purchased the home. When I asked why, they responded that regulations have continued to tighten since them. When dogs can get a 500k home loan and then sell the house a month later for 600k I might start believing we are back in 2008.

holydude 10y ago

Cheap money is vital to the economy. I know that the market is different in the EU but look at what is happening in Germany and Greece. You would not want that.

gillianlish 10y ago
massive endemic fraud is not vital to the economy... although it is vital to destroying an economy.
cylinder 10y ago
Vital to an unstable, bubble prone economy. Long-term sustainability is not enhanced by cheap money. What we want is clever money.

stuart78 10y ago

Same experience for me on a recent car purchase. Dealer didn't particularly want a down payment, which made me suspect that they are being comped on loan volume when financed through manufacturer, a choice I opted for because the % was 2 points lower than my bank.

matwood 10y ago

Not even in the same ball park as 2008. Auto loans are a lot easier to recover than a home loan. If you don't pay your auto loan they just come pick up the car. Then they get to resell the car again. This is completely different than a home loan in both value, and the process for the lender recover the collateral. Home loans right now are still very tight. I had to provide more documentation for a simple refi with the same bank, than I had to provide in 2011 when I purchased the home. When I asked why, they responded that regulations have continued to tighten since them. When dogs can get a 500k home loan and then sell the house a month later for 600k I might start believing we are back in 2008.