Posted on 10/22/2023 8:43:45 AM PDT by Kaiser8408a
Biden’s Highway to Hell!
Bidenomics has been a massive windfall for the top 1% of households in terms of wealth due to the emphasis on green energy transformation. But for the 99%, Bidenomics has been a disaster (unless you consider low-paying job creation a victory).
The auto sector, considered a leading economic indicator, pinpoints the arrival of the crushing auto loan crisis and even the possibility of the onset of the next recession. In late January, we Fitch revealed tat consumers are falling behind on auto payments – the most since the peak of the Great Financial Crisis. Fast forward nine months later, to September, that rate just hit the highest level in nearly three decades.
And with interest rates rising the fastest in history,
And Discover projected charge off rate for 2023 would more than double from its current 1.82% to as much as 3.90%!
In what could be the early innings of the auto loan crisis, something we called a “perfect storm” earlier this year, Bloomberg cites new Fitch data:
The percent of subprime auto borrowers at least 60 days past due on their loans rose to 6.11% in September, the highest in data going back to 1994, according to Fitch Ratings.
Rowe said, “They can often be a first line of where we start to see the negative effects of macroeconomic headwinds.”
The perfect storm we described earlier this year is unfolding.
At least residential mortgage delinquency rates remain low. With elevated home prices, the incentive to default on a loan is limited.
So The Perfect Storm hasn’t hit residential real estate … yet.
Biden is like George Clooney in “The Perfect Storm” sending the US out into stormy, violent seas while obessing about Ukraine and protecting Iran/Hamas.
(Excerpt) Read more at confoundedinterest.net ...
Do any RINOpublics ever take the floor in Congress and ask the DemoMarxistNazis to name one positive thing Biden has done for this country in the past 2 years and 9 months? Or do they just accept any lie the DemoMarxistNazis state without asking for a shred of proof?
If you can afford the monthly payments and the interest rate is reasonable, don't pay cash for the $30,000 car. Instead, invest the money wisely in several low-risk investments and borrow $30,000 for the car. Once you've paid the loan off over 3-4 years, you have both the car and your $30,000 (plus whatever your investments yielded) on hand.
The key is to get an interest rate that is not much more than what your investments will yield. I did this once when my five-year car loan was 4.5% and I was getting 3% on some pretty safe investments. You're coming out ahead of the game when you factor inflation into the mix.
And yet I see more brand new f one fifty’s and chevy silverado’s that I have ever seen before, I think.
No worries, in 2024 Joe will be re-elected with 82,000,000 votes. (sarc)
The economy is sugar coated by this administration and our MSM, but things are not healthy and it’s OBVIOUS.
The media and government news we are fed has become much like what you once had in the former East block. I suppose both have a common interest in this regard.
BTW, I don’t think in the digital age we even need to print/pump out much. They can just add a few zero’s in a database and wallah, billions more.
From what I’ve heard, some financial institutions have been tightening up on the roll overs and the new “market adjustments” scam. They only want to loan what the car is worth..
All of Biden’s plans are like someone chasing a butterfly but fail to see the cliff nearing.
I wonder how many illegals will take out loans to buy expensive cars, drive them to Mexico, chop them up, then walk back across the border and do it again.
83 grand for a truck?!! I paid less then that for my house!
Never get that out of me.
Then comes "Cash For Clunkers II", which will further reduce the supply of used cars, keeping the prices high.
“Then comes “Cash For Clunkers II”, which will further reduce the supply of used cars, keeping the prices high.”
If the GOP House passes Cash For Clunkers II, every conservative in this country has been wasting their time and money to get Republicans elected to Congress.
According to the 2020 election results as announced, there were 81 million ballots cast for Joe Biden. Did they all vote for the tough times cure? Maybe not by that name, but yes they voted for tough times ahead.
Bidenomics has been good for the working class, many people have two jobs where they only used to have one!
On credit that will lose value faster than a democrat picking your pocket
Would you buy a vehicle from someone who knew it was going to get repoed? No maintenance and probably abused.
Had a buddy who tried being a repo guy. Located a caddy possessed by one of the usual suspects. As he was preparing the hook guy yelled out: put your hands on my car and that be where they going to stay. He said he immediately decided on a different career.
The border jumpers preferred rides seem to be Toyota Land Cruisers here.
Went from hardly ever seeing them to can’t swing a dead cat without hitting one status in a year.
Must be nice.
/barely getting around in an old beater
A hack article.
It uses the phrase “subprime auto [loan]”. And never defines that phrase.
What a bunch of hacks.
Here’s one definition:
https://www.caranddriver.com/auto-loans/a43045785/what-are-subprime-auto-loans/
Some trucks are around $110,000 with all the dealer add ons. Lift kits wheeled and tires... And so on.
Maybe. I have had good luck buying fairly low mileage used cars. Of course, I obsessively maintain them. The Firestone guy loves to see me come in.
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