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A new report by Goldman Sachs is sharply pessimistic about the robustness of auto sales and the underlying health of the Big Three.
The report contends that two main factors that have propped up sales in the short term — huge incentives and extra consumer cash coming from a boom in home mortgage refinancing — cannot be sustained.
The report, titled "After the Automotive Boom," suggests that if auto sales remain strong, the financing operations of the Big Three will have difficulty generating enough equity to continue to support deals like zero percent financing.
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