6 million Americans have stopped paying their car loans, and it's becoming a 'significant concern'

Business Insider ^ | 11/30/2016 | Matt Turner

[Red Badger]

It's this guy's fault! Cal Worthington and his dog!.................

[longtermmemmory]

or they are more efficient with the advent of license plate scanners or how lenders are repossessing at the 30 days late point.

This is not the repo system of 8 years ago.

[bigbob]

“Oh no, Rudy that’s a RED car!”

[Buckeye McFrog]

“Car Loan Forgiveness” sure to be part of the
2020 Democrat Platform.

[oh8eleven]

Back around 2004, I stood within a military office
In 2005, I revisited Camp Lejeune where I had spent a year ('68-'69).
  The base was essentially the same with one noticeable exception.
  There were new parking lots EVERYWHERE you looked, and the vast majority were filled, primarily by new PU trucks.
That's when I stopped believing that the troops were vastly underpaid ... a claim you still hear today.

[taxcontrol]

I have also stopped paying my car loans. My reason is that I paid off the loan.

[Menehune56]

Have the sub-prime lenders found a way to put the US taxpayer on the hook for the defaulted loans? That’s what they used Fannie Mae for during the 2008 recession.

[blueunicorn6]

“Oh Lord, won’t you buy me a Mercedes Benz.
All my friends are driving Porsches and I must make amends.”

[editor-surveyor]

.
Think of all the fools that have bought blister cars, and electric rolling coffin cars.

They have to be seeing the writing on the wall by now.
.

[max americana]

I always pay cash for my cars. They treat you better and you can boss the car guys around for better deals...

[editor-surveyor]

.
But nobody stops paying for their PU or large SUV.

Its the tiny death-trap blister cars that are not worth paying for.
.

[sparklite2]

“Subprime”

---

Subprime is subprime because of the high risk of default.
It’s like junk bonds. There’s a reason they’re junk, and buyers beware. The current case reflects the relation between blacks and Cadillacs in the last century:
“We may not have them long, but we have them first.”

[semaj]

Hahaha.

[ArcadeQuarters]

Before the crash: It’s racist not to give out bad loans!
During the crash: It was racist to give out bad loans!
After the crash: It’s racist not to give out bad loans!

[faithhopecharity]

Wow! That’s just Awful. Six million people?! The Obama Great Depression continues -—

[editor-surveyor]

.
If you’ll settle for a little blister car.

Rottsa ruck on finding a big PU or SUV!
.

[faithhopecharity]

Wow! That’s just Awful. Six million people?! The Obama Great Depression continues -—

[semaj]

Simple solutions for sImple minds.

[Vermont Lt]

I stopped paying mine. Right after I paid it off.

[knarf]

Nope ..... six million that bought a car because they had a job to pay for it ..... are now out of a job.