Georgia Unfiltered

Search This Site

01 October 2008

Car Loans Aren't Being Approved? That's News To Us The Banks Say

In a Tuesday press conference, Republican U.S. Senator Saxby Chambliss claimed that because of the nation's economic crisis, some Atlanta banks were not making car loans.

"There are some banks in Atlanta not making auto loans today," Chambliss told reporters at a news conference at Peachtree-DeKalb Airport.

"Doing nothing is not the answer."
[Source: Atlanta Journal Constitution, "Chambliss pushes bailout, says banks are not making loans", September 30, 2008]

Today, representatives with the Georgia Bankers Association and the Community Bankers Association of Georgia are wondering what exactly Saxby Chambliss is talking about.

"I’m not aware of any bank that has pulled back and said they’re stopping making auto loans because, quite frankly, they’re not doing that many of them in the first place," said Steve Bridges, president and chief executive of the community bankers’ group. "The senator may be correct, but I have not had those conversations." [Source: Atlanta Journal Constitution, "Chambliss’ auto loan claim baffles bankers", October 1, 2008]

While I agree with Senator Chambliss that doing nothing is not an option, I'm not so sure that making claims which may contribute to more of a panic on Main Street is the way to go to getting something done about this financial crisis the nation is in.

What Democrats and Republicans in Washington need to do is hunker down and develop a good, solid piece of legislation that gets near unanimous support in both houses of Congress and also helps steer the country out the mess that we're in.