Posted on 02/26/2023 2:25:29 PM PST by RomanSoldier19
With a record 16% of American consumers paying at least $1,000 a month for their cars, it's no surprise that drivers are starting to fall behind on their bills.
The percentage of borrowers at least 60 days late on their car payments is higher today than it was during the peak of the Great Recession in 2009.
There are multiple factors driving this trend. Car financing costs are climbing as the Federal Reserve continues its aggressive campaign of interest rate hikes to combat persistent inflation.
At the same time, used car values are dropping, leaving debtors at risk of owing more money than their cars are actually worth.
(Excerpt) Read more at msn.com ...
What kind of maroon would agree to car payments that high?
I’m glad I paid-off my vehicle as quickly as possible when I saw Joe was going to occupy the White House.
The market has corrected and there will be good deals on repos.
(16% of American consumers paying at least $1,000 a month for their cars)
Absolutely crazy
2008 is coming again
Prepare as best you can
A nation of credit abusers with a government that abuses credit.
Something about the Lord poking hold in pockets comes to mind.
Looking for the joke with a microscope
I’m a repo repo repo man
Maybe people trying to buy BMW’s on a Ford Focus budget.
Yeah.
I couldn’t even afford a Focus these days.
“What kind of maroon would agree to car payments that high?”
One of my renters who seemed to have her head screwed on very well got the free Covid money. She got around ten thousand dollars from Uncle Sam, for free. I thought she’d save it and it would really help her in the future. No. She bought each of her three kids new cars. Not ordinary cars but Dodge super cars. (The other two renters on the program got into drugs and I had to throw one out and the other stole a car and fled back to the mountains.)
A car dealer I follow on YouTube said that lots of people used the free Covid money to buy cars they would not have otherwise bought; Mustangs and Chargers. The lease is coming up and these cars will be dumped on the market and sold at low prices.
75% of Ford F-150 buyers.
Direct link, because MSN did not author this:
https://moneywise.com/loans/auto-loans/americans-behind-on-car-payments
“Maybe people trying to buy BMW’s on a Ford Focus budget.”
I’ll get a good deal on a repoed Beamer.
70 years old here. Hoped my 2008 Milan would last but it was on its last legs. Leased a 2023 Elantra for 390/month. 39 month lease, and when that is done I may just buy out the rest of the lease.
A big part of my strategy for many years ago was to own my own vehicles outright. I see debt as slavery. Payment slavery.
I was able to do that many years ago and never looked back. To this day, my vehicles are older, super maintained by myself, and owned clear and free.
My next vehicle will likely be a Toyota, since they are being smart and sticking with the internal combustion engine.
I believe it
I know about a guy paying $900 a month for a used pickup truck
He’s having trouble keeping up with the payments
Anyway, he was making like $7/hr I think, something like that. So he got a seven-year car loan for the thing. He even admitted it was stupid, but he had to have that car.
I had recently paid off my car, which was a 1982 Chevy Cavalier, which I think cost about $7.4K. That was unpleasant for me, and I made almost twice what he did.
Must be the people buying these 70 to 100k trucks.
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