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No car loans from Bank Australia, unless it’s an EV — and the US may do the same
The Hill ^ | 09/07/2022 | SARAH REHBERG

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 ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; Government
KEYWORDS: australia; automotive; bankaustralia; carloans; ev; evs; loans; marxism; us
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Australia can shove it.
1 posted on 09/07/2022 9:26:46 AM PDT by ChicagoConservative27
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To: ChicagoConservative27

I won’t leave a cent of my money in any bank that tries this.


2 posted on 09/07/2022 9:29:16 AM PDT by HartleyMBaldwin
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To: ChicagoConservative27

I used to rarely use the term “drool-stupid” but now it pops up in my head all the time when reading the news.


3 posted on 09/07/2022 9:32:39 AM PDT by \/\/ayne (I regret that I have but one subscription cancellation notice to give to my local newspaper)
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To: ChicagoConservative27
Mehhh it'll just open another lending market
4 posted on 09/07/2022 9:36:25 AM PDT by Principled (Biden is illegitimate and whatever he says can be ignored. )
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To: Principled

Maybe will make more new cars available to purchase.


5 posted on 09/07/2022 9:38:38 AM PDT by ActresponsiblyinVA
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To: ChicagoConservative27

Great opportunities for the loan shark business, and/or other banks. Bank of Australia has tough times ahead, I’ll lose no sleep.


6 posted on 09/07/2022 9:40:33 AM PDT by Susquehanna Patriot ( )
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To: ChicagoConservative27

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.


7 posted on 09/07/2022 9:41:02 AM PDT by hanamizu
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To: ChicagoConservative27

“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.”

Time for bank depositors to “do the responsible thing” and close their accounts at Bank Australia.


8 posted on 09/07/2022 9:43:26 AM PDT by Flick Lives (FJB and the corrupt FBI)
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To: Susquehanna Patriot

You can already charge your car on a c card if you have the credit limit. No questions asked.

At least here.


9 posted on 09/07/2022 9:44:45 AM PDT by crz
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To: ChicagoConservative27
If the big banks don't want that profit center, so what. There are plenty of ways for loans to make their way to car buyers.

Auto loan brokers will pop-up everywhere...and God bless 'em.

And small local banks must be licken' their chops.

10 posted on 09/07/2022 9:50:19 AM PDT by RoosterRedux
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To: ChicagoConservative27

EVs

so great

they have to force you to buy them

check the want ads

will be some good deals in CA


11 posted on 09/07/2022 9:51:18 AM PDT by joshua c (to disrupt the system, we must disrupt our lives, cut the cable tv)
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To: ChicagoConservative27

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.


12 posted on 09/07/2022 9:58:09 AM PDT by Sergio (An object at rest cannot be stopped! - The Evil Midnight Bomber What Bombs at Midnight)
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To: ChicagoConservative27

Thats 3 years from now..

Long enough for people to save up and pay cash for that new 2026 car ...


13 posted on 09/07/2022 10:05:00 AM PDT by Tennessee Nana
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To: Tennessee Nana

Why take out a loan to buy a vehicle? Save up and pay cash.


14 posted on 09/07/2022 10:12:09 AM PDT by oldasrocks
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To: Flick Lives
“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.”

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.

15 posted on 09/07/2022 10:12:40 AM PDT by Principled (Biden is illegitimate and whatever he says can be ignored. )
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To: Sergio
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.

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.

16 posted on 09/07/2022 10:16:17 AM PDT by Myrddin
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To: ChicagoConservative27

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.


17 posted on 09/07/2022 10:20:05 AM PDT by T.B. Yoits
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To: ChicagoConservative27

Most credit unions will be unlikely to follow this idiotic path.


18 posted on 09/07/2022 10:20:41 AM PDT by AlaskaErik (In time of peace, prepare for war.)
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To: Principled

GMAC & CHRYSLER have their own finance operations...


19 posted on 09/07/2022 10:22:28 AM PDT by ridesthemiles
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To: oldasrocks

Isnt that what I just wrote ???


20 posted on 09/07/2022 10:25:03 AM PDT by Tennessee Nana
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