The Coming Car Crisis: How Detroit Hopes Auto Subscription Services Will Help Minimize The Damage
Within the last nine months, Hyundai, Ford, GM, and Cox Automotive have all launched services to let consumers subscribe to car use, not car ownership. Looking at the numbers, there’s a reason these big players are jumping at this option.
Back in 2008, the banking industry was riding high on subprime mortgages that were essentially loans to people who were not good credit risks. Now, a new verse of that tune is playing out in the automotive arena, where subprime car loans are popular, and total auto-associated debt is at record highs. Second verse, same as the first? Automakers are hoping that new car subscription services will mitigate the worst and offer a new model for serving customers who should not be taking out car loans in the first place.
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