The Importance of Car Loans in the Great Depression

GMAC bankers at the time thought it would be very unsafe to loan against the automobile Consumer financing was not prevalent and it was thought of like I said as a luxury and for sport. So, you know bankers did not want to loan those kind of people money against against a toy or something It's just a big difference between today and how these things work. We could talk about the 1932 annual report because yeah GM AC had a substantial profit in the early Great Depression period but they still lost money.