Car Industry Feeling the Credit Crunch

The credit crunch isn't just taking a bite out of the housing and boating industries.  The automobile industry is starting to feel the effects of limited credit and reduced consumer spending.  Automobile sales for 2008 are on pace to be the worst in more than a decade.  During the housing boom more than 1 in 9 auto purchases was financed in part by a home equity line of credit.  Now that HELOC's are being frozen and property values are declining consumers have run out of available cash to purchase new cars. As mortgage payments have ballooned and credit has become more expensive late payments on cars has started to tick up drastically as well.  This combination of tightened lending guidelines, reduced profits and a deteriorating economy paint a bleak picture for th