Posted on 09/07/2022 9:26:46 AM PDT by ChicagoConservative27
Bank Australia recently announced that it will stop granting loans for new fossil fuel cars from 2025 forward to force more people to purchase electric vehicles. Justifying the bank’s move, its chief impact officer proclaimed, “We think that the responsible thing for us to do … is to ensure that our vehicle lending doesn’t lock our customers in to higher carbon emissions and increasingly expensive running costs in the years ahead.”
But is making it more difficult for hard-working men and women to obtain affordable vehicles that run on reliable energy really the “responsible thing” to do? That’s exactly the premise that environmental extremists would have everyone believe, even though electric vehicles are significantly more expensive to purchase than vehicles that run on gasoline. Not to mention the fact that the asking price of an electric vehicle does not appear to be going down anytime soon.
(Excerpt) Read more at thehill.com ...
I won’t leave a cent of my money in any bank that tries this.
I used to rarely use the term “drool-stupid” but now it pops up in my head all the time when reading the news.
Maybe will make more new cars available to purchase.
Great opportunities for the loan shark business, and/or other banks. Bank of Australia has tough times ahead, I’ll lose no sleep.
If Bank Australia were the only bank in the nation or the only source of car loans or if it had the power to mandate that all banks had to follow its lead, I’d be upset. As it is, they’re making a business decision based on wokeness. What’s the saying? Go woke, go broke.
“We think that the responsible thing for us to do … is to ensure that our vehicle lending doesn’t lock our customers in to higher carbon emissions and increasingly expensive running costs in the years ahead.”
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Time for bank depositors to “do the responsible thing” and close their accounts at Bank Australia.
You can already charge your car on a c card if you have the credit limit. No questions asked.
At least here.
Auto loan brokers will pop-up everywhere...and God bless 'em.
And small local banks must be licken' their chops.
EVs
so great
they have to force you to buy them
check the want ads
will be some good deals in CA
If you have equity in your home, get and open equity line of credit. Buy what you want with it as no approval is needed. In addition, the interest rate is usually lower than that of a car loan and you can deduct the interest paid on your taxes.
Thats 3 years from now..
Long enough for people to save up and pay cash for that new 2026 car ...
Why take out a loan to buy a vehicle? Save up and pay cash.
And there's that EVs have higher carbon emissions than ICEs. There are EV battery minerals mining issues, lack of recycling issues, that electricity comes 60% from coal burning... that pipelines are cleaner than mining by a lot, that many cars and parts are recycled, ... imma stop there I'm tired.
Bad advice. It leads to excessive, unnecessary spending placing you deeper in debt. Adding more debt to your home at a time when housing prices are crashing could easily leave you "upside down". More owed on the loans than the property is worth in the current market. I had a friend with a $400,000 house. He ran up a big HELOC loan and the market dropped his property value to $249,000. He owed $311,000. Oops.
Bet any amount of money that the bank executives and their wealthy clients will have personal loans, not car loans, for them to buy their gas-burning luxury vehicles.
Most credit unions will be unlikely to follow this idiotic path.
GMAC & CHRYSLER have their own finance operations...
Isnt that what I just wrote ???
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