You are not going to have people borrow money in a declared pandemic regardless of the interest rates. Don't see how this was a great move-honestly.
Why do you say that?
People still need to borrow money to buy cars and houses, just to name a couple of the biggest purchases people make.
NO. In a time of uncertainty people don't buy vehicles or other capitol purchases-that's a fact.
I can assume you never have been through a recession-or forgotten how they affect the economy and what industries.
Morgan Stanley expects the coronavirus outbreak to send U.S. sales down 9 percent this year, it said in an investor note last week. Before the outbreak, analysts had expected a modest decline of 1 percent to 2 percent in 2020.
LMC Automotive cut its U.S. forecast by nearly 300,000 vehicles to 16.5 million, a 3 percent drop from 2019.
"Whether you believe there is a public overreaction or that COVID-19 is actually a public health crisis â€¦ there is no denying the expected negative impact it will have on the economy and auto industry," Jeff Schuster, LMC's president of global vehicle forecasts, said in a statement.
If the economy recovers rapidly from coronavirus concerns, TrueCar subsidiary ALG projects new-vehicle sales of 16.4 million in 2020, down 2.9 percent from its initial forecast and 3.8 percent from last year's total. A longer economic slowdown could result in vehicle sales of 14.5 million this year, ALG said, 14 percent below its initial 2020 predictions."