“One of the finance guys I follow on Tweater says the Garcias (the Carvana major domos) are shady operators. I don’t know much about the company.”
I don’t either, but it’s the used car business.
went by a KIA dealership and they had maybe twenty cars
The safty valve in a car deal is that the buyer can walk away and pay 80% of his note in a year and 70% in two. When car values drop by 20% as the value of the dollar and industry recovers expect another fake credit crisis in 2024.
Banks lending inflated value to overpriced assets is neither the general populations or the buyers problem. Lending principals must be adjusted during out of wack markets, but with the SJW in charge that has not happened.
The merchant banks still in the business are going to eat this one just as the spread should result in great profits. I fully expect a big name, or a car credit firm to fall on its face....hard.