Limiting Choices

Wrenchturner44

Wrenchturner44

Joined
Apr 27, 2013
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Location
MO USA
https://www.cnbc.com/2022/08/22/aus...bank plans to,fossil fuel vehicles from 2025.

I would hate to see this become a trend around the world and here in the USA. Cars for most of us have always been about freedom. It is not my place to judge what you or others drive, or how you take care of it as a valuable asset. I know it is a right of every business to cater to the customers that they desire, but IMHO this is not a good trend or precedent. Just my two cents.
 
wpod said:
Most people are missing the you will own nothing yet be happy part. Just like China's social scoring.
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I'd be quite happy not to own an automobile at all if there were viable alternatives. I have a 2017 Hyundai-and a 2018 Silverado. I just NADA Black booked them both. $57,000.00 in vehicles is a hunk of change-not to mention the associated costs......And I'm sure they are not the most expensive vehicles owned on here. The cost to acquire then both was right around $80,000.00.
 
CKN said:
I'd be quite happy not to own an automobile at all if there were viable alternatives. I have a 2017 Hyundai-and a 2018 Silverado. I just NADA Black booked them both. $57,000.00 in vehicles is a hunk of change-not to mention the associated costs......And I'm sure they are not the most expensive vehicles owned on here. The cost to acquire then both was right around $80,000.00.
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CKN, but at least you have that choice that you are describing. No one is telling you that you "have to do that" and that "you have no choice" but to do that. My point is that this business has chosen not serve what is still a viable market, at least at this point by reinforcing the market direction with the offers they provide. That is in fact their choice.
 
Questions:
How much markershare does this Bank have in regards to car loans?
How many AU customers go outside of captive financing?
Is this a clickbait headline?
 
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I think the time will come very soon when the average Joe will not be able to purchase a new vehicle. Leasing will be the only choice. Same thing is happening in the housing market. The average family will only be able to rent or lease.
 
Public - private partnerships.... Been done before in the 20th century.

Greatness resulted.... Well not really.
 
Car loans can be risky anyway. The bank is likely cutting their risk exposure and figured they'd score a few environmental points while they were at it.
 
RooflessVW said:
It's one bank.

Let their customers decide if this policy is sound or not.
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This stuff has been going on for some time now. Bank of America and Wells Fargo both provide data to authorities about firearms/ammo purchases, along with refusing to finance manufacturing these items. Unfortunately, it's not "just one bank", it is a large number of them with ever-increasing "restrictive policies".
 
Well, I know this is not the norm, but I have never used a bank for anything except a place to park some cash to use for a checking account.
 
RooflessVW said:
It's one bank.

Let their customers decide if this policy is sound or not.
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Some customers of that bank will be unhappy with that decision, and some of those will leave for another financial institution.

Others who bank elsewhere will like this policy, and will switch to this bank.

I suspect the bank will then try to determine whether it's been a good policy financially and either keep it in place or revoke it.

Follow the money - the market will sort it out.
 
Kind of a dumb move for a company here. We have literally a small number of full electric vehicles that we could choose from to buy new right now in Australia and most of them are stupidly expensive to start with being premium luxury brands. There's literally only a handful of mainstream models that the average buy would look at and if they have an ICE version they are a minimum of $15,000 cheaper. Most EV's are nudging closer to $30,000 more than their ICE equivalents.
Just some of what we can choose from here:
Audi e-tron - $140,000
BMW iX $164,000
BMW iX3 $123,000
BMW i4 $140,000
Hyundai Ioniq $55,000
Hyundai Kona $66,000
Jaguar I-pace $185,000
Kia EV6 $98,000
Kia Niro $66,000
Lexus 300e $83,000
Merc EQA $102,000
Merc EQC $157,000
Merc EQS $350,000
MG ZS EV $47,000
Mini Cooper SE $60,000
Nissan Leaf $56,000
Renault Kangoo $55,000
Polestar 2 $83,000
Porchse Taycan $225,000
Tesla Model Y $84,000
Tesla Model 3 $75,000
Volvo XC40 $80,000
Volvo C40 $82,000
 
KrisZ said:
Looks like another possible example of “Get woke go broke”.
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Considering currently 1.8% of new vehicles sold here are EV's they are limiting their market significantly for car loans. But its most likely a small part of their business model. Surely a better way to encourage uptake of EV's would be to have a discounted loan rate for them over ICE vehicles
 
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