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And -- and I am not picking on people -- poor credit scores what I'm saying is that according to lenders like Capital One Financial and others.
There's about a 10% loan delinquency or non payment rate among car buyers so about one in ten.
People who buy a car either paying late or not paid their car payments oftentimes giving them repossessed which have put them back at the auction houses back in the used car dealership -- -- -- You know I'm looking at that I'm thinking well if we have maybe people not paying their loans you wanna continue its strength extend credit -- -- credit change.
The had -- everybody is still minuscule compared with housing and again these are loans that are largely performing very well so.
Car -- have continued to perform well.
And that's why.
It's not only the right thing to do but it's an important thing to do for the economy.
John jump in there and talk about that because any one thing I heard Paul say was or down about a 100000 trucks in California.
And I know we compare ourselves to high numbers that's the way we tend to do things in America 1617 million car sold a couple years ago.
Is that realistic though I mean don't you think that that was maybe were skewed high numbers and maybe the median is going to be somewhere around 101112 million for the next few years.
Now we're we're way down -- you know you've got to look at the population growth.
From when we were kids where was a 160 million now we got 300 million people that the man it's an insatiable demand for automobiles and trucks in this country.
We've gone from one car in the -- to two in three and let's get back on this subject.
Of credit worthiness and the nonperforming loans.
The nonperforming loans that are out there today most often are people that should have been put -- car to begin with with no conditions for example.
Of MS RP in other words of manufactured.
-- suggested retail price they were financing they're not doing that anymore.
-- it really was it was bad business it's no different than the housing industry.
A lot of the foreclosures are people that were stretching and they were sure warning people of the houses they didn't belong in.
In the same thing happen in -- kind history so we were taking people.
That were decent players and given them a 140%.
Of the retail price of that -- that doesn't make sense GM AC Capital One US bank they don't wanna do that anymore the credit unions want it don't want to do that anymore.
And they have -- Our best.
Allies during this the -- -- time.
I'm telling you that the pilot light has been -- I'm telling you from what I saw the traffic I saw come in my showroom.
From twelve -- not yesterday there was genuine and -- excitement where we we could have been -- -- -- on the front -- the day before it.
Is turning right now this is a huge huge ship.
General Motors and the economy and the -- -- -- you're going to see I believe even more.
It incentive programs by -- different manufacturers.
Not just GM remember.
Everybody stands on the silence to see what GM's going to do.
-- comes out with zero -- of the rest of the -- coming out -- 0%.
We were just weeks away from the North American International Auto Show here in Detroit where -- 700.
Thousand people or walk through we'll look at these automobiles.
And they've done survey after survey that.
80% of those people those 700000.
People -- desired by a car within one year now this is real action real activity.
Do understand -- -- -- personal commitment to -- a million dollars with a cars each one of my stores now each somewhere in the United States does that.
That 75 billion dollars with -- activity.
-- -- -- -- At every Olympics are picking on GM and I'll pay this much had a chance to drive and a Buick conclave a friend of mine -- -- fine car my wife violent Apollo.
The people up there super GM haters say that is the biggest so they get the most attention.
John Rogen all give America rely -- over I guess happy new year and -- a good season with everybody wants American businesses succeed us included.
John -- -- well Brian.
Thank you very much Paul Taylor national association audio Paul thank you very much for joining -- -- Fox Business as well happy new year.
Happy new year take care.
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