NEW YORK (CNNMoney.com) -- A massive pile-up in the credit markets is causing serious congestion for new car buyers who want financing, according to industry observers. But some dealers say they're still able to work out deals."Credit availability has been the number one issue in our industry for several months now," said Mike Jackson, chief executive of AutoNation (AN, Fortune 500), the country's largest auto dealership chain.
The inability to arrange suitable financing has killed the deal for a lot of customers in AutoNation's 317 dealerships nationwide, Jackson said. He stressed that customers are still coming in, but they can't get a loan they can afford on the vehicle they want.
Almost all auto dealers recently surveyed by the industry newspaper Automotive News said they were having a harder time finding loans for customers with poor credit. About 60 percent said they having more trouble getting financing even for customers with good credit.
Thursday, September 25, 2008
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