cd,

Yeah the rate that expectations were dropping didn't quite get out in front of this one:

current\t0.63
7 days ago\t0.67
30 days ago\t1.17
60 days ago\t1.35
90 days ago\t1.67

ps those were all positive earnings per share for AIG

Was aig a naked short..behold asswhooping tomm..

No kidding. Late quotes:
aig: 26.89 -10%
xlf: 22.08 -2%

(percents off of yesterday close)

a Vespa with a pink helmet....

What about all the SUVs on 3 year leases? I don't suppose GM and Ford are looking forward to lease expirations. I wouldn't be surprised to see $3 gas again, but that's not low enough.

Americredit is the equivalent of an automobile subprime and Alt A lender. There's still plenty of demand for the kind of credit they offer, so they are just pulling back as fast as they can, because they see credit quality deteriorating.

The technologies have improved for getting cars back on defaulted loans. Now, some lenders use mandatory GPS tracking devices. And they don't usually lend anywhere close to book value. So, the collateral is there.

The problem is that the collateral value is deteriorating so fast that they can't make profitable loans against it. The bottom line of this report is...TOO MANY CARS OUT THERE and too few buyers.

It's not just subprime.
It's not just SUVs and pick-ups.

It's vast overcapacity everywhere, combined with overstretched consumers.

No wonder they big 3 are asking for free money from the taxpayers to help them weather the storm.

"We have taken proactive steps to conserve liquidity and position the business to withstand the weak macroeconomic environment and the dislocation in the capital markets..."

The paradox of thrift?

Dude, a 70% decrease. That is brutal. Consider the reprecussions. How are those car lots going to pay for their $30/square foot land with their mammoth monument to opulence building on top of it? Car dealers will go broke quickly.

"What was that horrible noise?"

"The GMC dealer going broke."

rich,
Sex keeps you warm. Expect a baby boom next fall.

It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
It's vast overcapacity everywhere, combined with overstretched consumers.
Enough?

“It’s not just going to affect poor people, but also moderate to middle-class households. People are going to become more impoverished to pay for heating this winter.”

Maybe Cramer and his buds over at Fast Money can donate some bank stock certificates as fuel.

I hear that they burn fast but generate some BTU's for a few minutes, at least.

Great sign in the movie "Used Cars": Bankrupt, Divorced, No Credit? We Finance!

Wait a minute, that's our Federal govt's motto.

x - this is still the greatest economy in the world. Minus the credit crisis, crazy debt loads, over-leveraging, fraud, political corruption, bailouts, and accounting rule changes.

Let's just call these one-time items and get back to our normal ops.

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The scary thing about the new scooter and MC riders is that most of them don't know WTF they are doing and are dangers to themselves and others. To compound the error, they typically dress in street clothes, so they are guaranteed to be complete raspberries when they spill.

How are non-SUV car used prices holding up ?

With that yawner of a 70% dropoff in originations...more nothingburger.