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By AutoObserver Staff October 3, 2011
A component of the Obama administration’s job-creation program that seeks to restructure millions of home mortgages could have a positive effect on U.S. auto sales next year, said a research note from Morgan Stanley today. The firm’s research indicates the if the program – which does not require Congressional passage – is enacted, the restructuring of potentially 2.9 million mortgages could improve 2012’s Seasonally Adjusted Annual Rate of auto sales in the United States by 300,000 to 500,000 units.
Morgan Stanley projects that the approximate average of $213 per month saved by households taking advantage of the mortgage restructuring program could, in many cases, be employed to help offset the purchase of a new vehicle. There remains considerable consensus of opinion that pent-up demand for vehicles exists after years of low selling rates and the mortgage program could return as much as $7.4 billion to households that, on average, spend about 12 percent of income on vehicles and maintenance.
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