Attention Dealers.......................

[gmjunkie]

And anybody else in the Automotive Business!!



Below you will find a facsimile sent this afternoon to members of Congress. As you may have read, there is a proposal in the Economic Stimulus Bill that would allow consumers to deduct interest on an auto loan. Unfortunately, the language in that bill addresses ONLY NEW vehicle sales! We need to ensure that these five folks understand that more used vehicles are sold than new and that to exclude used vehicle purchasers would unfairly punish those consumers and obviously hinder independent dealers from selling vehicles.
CUT AND PASTE THIS MEMO onto your letterhead and FAX IT TODAY! Be certain to change the name of the sender from mine to your's. But do it TODAY! The FAX numbers are listed below.


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VIA FACSIMILE
TO: The Honorable Harry Reid (202-224-7327)
The Honorable Max Baucus (202-224-9412)
The Honorable Barbra Mikulski (202-224-8858)
The Honorable John Larson (202-225-1031)
The Honorable Nancy Pelosi (202-225-4188)
Re: U.S Economic Stimulus Bill
From: (your name here)
Dear Members of Congress:
The U.S. Economic Stimulus Bill under consideration contemplates allowing consumers to deduct interest on vehicle loans, as was the practice prior to 1986. In reviewing the language, it appears that the bill (whether intentionally or not) would allow such deductions only for new vehicle purchases and omits mention of used vehicles when financed.
Since more used motor vehicles are purchased and financed annually than new motor vehicles, passage of that language without definitional clarification of what constitutes “new” or an amendment to include used vehicles will result in a large majority of the population unable to access this benefit and incentive.
We urge you to include all financed motor vehicle transactions under this stimulus package.


Sincerely,
(your name and your business name here)

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Thanks!!
Jesse O Anderson (aka:GMJunkie)

Frontier Motors
399 Mashburn Branch Rd
Old Fort NC 28762

 

[MusclecarJohn]

I say GM should have a 70% off 'blowout' sale on ALL
of it's new inventory, then restructure

 

[MusclecarJohn]

Sorry if I posted this in wrong thread, I had to blurt it out somewhere

 

[gmjunkie]

Sorry if I posted this in wrong thread, I had to blurt it out somewhere

It don't matter,after looking over our new Stimulus package,"WERE ALL PHUCKED" anyway!!

 

[Cruzen]

I believe the tax package is an attempt to get consumers back to buying new cars. This would “stimulate”, I’m really getting to despise that word, new car sales which would reduce inventory and get Detroit back to working. They don't care about previously owned vehicle sales because someone already owns those and moving those around has little impact on Detroit. Even less now that many replacement components are coming from other countries.

Second as the older vehicles are retired it would move the country closer to the EPA required average mileage figure. There is still a significant number of those 1973-1990 gas guzzling can’t do anything right vehicles out there that Congress would like to see in a recycle/junk yard somewhere.

Remember when the insurance companies rate increases along with legislation killed the muscle car? Be prepared for the consumer loan industry to have a similar affect on the sale of vehicles more than 5 years old. It's not that long ago when you could not get a loan for a vehicle more than 5 years old without going to a private investor group. There are indications that might be coming back.

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Congress absolutely refuses to acknowledge that credit is what got this country into trouble and ELIMINATING credit, except for purchase of reasonably sized and priced homes, is the only way we are going to get out of this jam. Of course that means that most members of Congress, who are over their heads in debt, would be down the drain but so what!!

Key to financial success is buy now and sell for a profit when the market recovers.

Enjoy the ride,
Denny

 

[Dad2BJO]

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Congress absolutely refuses to acknowledge that credit is what got this country into trouble and ELIMINATING credit, except for purchase of reasonably sized and priced homes, is the only way we are going to get out of this jam. Of course that means that most members of Congress, who are over their heads in debt, would be down the drain but so what!!

Key to financial success is buy now and sell for a profit when the market recovers.

Enjoy the ride,
Denny

Winner Winner Chicken Dinner!!!!!

Giving people the ability to deduct interest expense on a vehicle that they probably should not be buying is a stupid idea. New or Used. I love that when people say that about a house. "I can deduct the interest". Hey if you pay down the debt you wont pay any interest!

Why not give me a tax credit when I pay cash for a car. Cash that I SAVED. Then let me take that credit and STIMULATE the economy.

In certain situations it makes sense to use short term financing depending on the terms and I do use that for business equipment but when it comes to a personal vehicle, mainly one that is a toy (Corvette) if you cant afford to pay cash you cant afford the car! (Yes I may drive a C-4 but it is paid for!!)

Saving money probably wont "stimulate" the economy since B.O's plan is a "spending" plan. But saving money will be better for our nation in the long run.

I guess I remember growing up on a farm in the 80's and my dad borrowing $$ at 17% to buy a farm and almost 20% to borrow money to put the crop in. The rule of thumb was "Cash is king" and "Pay down all debt as fast as you can." If you borrowed money in the 80's for business operating notes you know what I mean. This economy today is a cakewalk compared to that.