JoeBama Economics: Keep pumping out hot money and raising interest rates to keep inflation in check.
Jimmy Carter did it too.
BRILLIANT!
That’s OK, they’ll all just buy EVs.
That means, that for some of us more responsible consumers, prices of pre-owned cars will decrease.
The White House’s Official Big Mouth has threatened banks that they better help illegal aliens purchase new vehicles. The lines at the EV chargers are about to become a lot longer. Eight million new illegals since the Demented One rose to power.
People need to start buying things with cash and not credit. Yes in my 20’s I did the stupid credit cycle but by 30 you should be over that and pay cash for everything except house. Cars should be paid in cash. I purposely got a 2011 Toyota for 20,650 to pay cash. I knew they last and wanted it for a long time. 12. Years later going strong. I don’t need flashy. People paying 50,000 for a car on credit are insane.
Great Financial Crisis
https://en.wikipedia.org/wiki/2007%E2%80%932008_financial_crisis
Here referred to as Global Financial Crisis.
The 2007–2008 financial crisis, or Global Financial Crisis (GFC), was the most severe worldwide economic crisis since the Great Depression of 1929. Predatory lending targeting low-income homebuyers,[1] excessive risk-taking by global financial institutions,[2] and the bursting of the United States housing bubble culminated in a “perfect storm”.
Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value. Financial institutions worldwide suffered severe damage,[3] reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis.[4]
The preconditioning for the financial crisis was complex and multi-causal.[5][6][7] Almost two decades prior, the U.S. Congress had passed legislation encouraging financing for affordable housing.[8] However, in 1999, parts of the Glass-Steagall legislation, which had been adopted in 1933, were repealed, permitting financial institutions to commingle their commercial (risk-averse) and proprietary trading (risk-taking) operations.[9] Arguably the largest contributor to the conditions necessary for financial collapse was the rapid development in predatory financial products which targeted low-income, low-information homebuyers who largely belonged to racial minorities.[10] This market development went unattended by regulators and thus caught the U.S. government by surprise.[11]
Don’t worry just put it on the Feds CC. CBO says $2T Fed deficit for the next ten years and no one batted an eye.
Come on, Margaret, you can finger the root cause better than that. This is not just some ill winds that randomly blew up out of nowhere.
In late January, we Fitch revealed tat consumers are falling behind on auto payments – the most since the peak of the Great Financial Crisis.
Not that I’m a fan, but the article seems to single out those fond of body art.
[The perfect storm we described earlier this year is unfolding.]
Like I’ve said, 2008 will happen again.
Can’t have them do all these stupid things and not have bad things happen.
There has almost been no interest in the auto strike. It used to be a big deal.
I would like to replace my 2010 Hyundai. As mentioned elsewhere, maybe the defaults will flood the market with used cars and depress prices.
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?
All of Biden’s plans are like someone chasing a butterfly but fail to see the cliff nearing.
Bidenomics has been good for the working class, many people have two jobs where they only used to have one!
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/
High auto loans and 20% credit card rates for great credit and 8% home loans and at least 17% inflation and congress will not stop spending.
Average Car Loan Interest Rates by Credit Score
NerdWallet
https://www.nerdwallet.com › Auto Loans
Oct 10, 2023 — In the second quarter of 2023, the overall average auto loan interest rate was 6.63% for new cars and 11.38% for used cars.
Great joke on recent Dave Ramsey show:
“How do you tell when someone is a red-neck these days?
Their truck loan is higher than their mortgage.”
lol.
The economy is way out of whack—the stock market has been going crazy upward for decades—it is about time for the ride back down....
33% of our loans are behind. 20% of them are over 45 days late. 20% currently have active repossession orders out on the cars.
other dealers are reporting 20% plus late right now.