On the heels of yesterday’s news that auto sales blew away expectations in May, posting their largest MoM increase since November 2013 on the back of record numbers across-the-board for financing (including average new car loan terms of 67 months and record high average payments of $488/month), we present the reincarnation of the home equity loan.
With PNC’s “cash out auto loan,” you can put your vehicle “to work” by pledging it as collateral for a cash loan.
Welcome to the Great American auto bubble, now at PNC soon at every bank near you.
http://www.zerohedge.com/news/2015-06-03/presenting-next-great-source-middle-class-prosperity
“On the heels of yesterday’s news that auto sales blew away expectations in May,….”
I don’t believe this for a minute.
When you click on the link to PNC you get a “404 error” message. Cute, Tyler Durden, cute.