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‘Tip of the negative equity iceberg’: A record number of Americans are grappling with $1,000 car payments and many drivers can't keep pace — stay ahead by dodging these 2 loan mistakes
monewise via msn ^ | 2/24/23 | Bethan Moorcraft

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 ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: automotive; bideneffect; bidenflation; bidenomics; economy; payments; subprime; wboopi
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To: RomanSoldier19

Oh, it’s probably going to get a lot more interesting than this in regards to prices, interest rates, jobs, crime (drugs) and other things. I wonder how many people know that populism is dead again, too. Pride goes before the fall.


101 posted on 02/26/2023 4:31:33 PM PST by familyop ("For they that sleep with dogs, shall rise with fleas" (John Webster, "The White Devil" 1612).)
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To: RomanSoldier19

Oh, it’s probably going to get a lot more interesting than this in regards to prices, interest rates, jobs, crime (drugs) and other things. I wonder how many people know that populism is dead again, too. Pride goes before the fall.


102 posted on 02/26/2023 4:31:33 PM PST by familyop ("For they that sleep with dogs, shall rise with fleas" (John Webster, "The White Devil" 1612).)
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To: Roadrunner383

“Average new car price in the U.S. in Jan 2023 was $49,200 according to the Kelly Blue book folks.”

I keep seeing these numbers but those vehicles must be mostly trucks or cars with a lot of extras on them.

My dealer’s inventory has a lot of new vehicles for sale under $30,000.


103 posted on 02/26/2023 4:31:44 PM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: entropy12

I quit taking my vehicles to repair shops because they screw it up even when you tell them exactly what to do. And anymore the fact that there is a high likelihood of the new (chinesium) part being bad right out of the box hasn’t helped.

And they try to charge exorbitant amounts of money for trivial tasks. The last time I tried to take a vehicle to a shop they wanted $500 in labor for a repair that involved four bolts.

On the rare occasion I find a decent mechanic they always seem to be mere months from retirement and the next time I go in its “Larry, Moe, and Curly Automotive” all over again.


104 posted on 02/26/2023 4:32:31 PM PST by hopespringseternal
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To: RomanSoldier19

Don’t look in the trunk...


105 posted on 02/26/2023 4:35:22 PM PST by Organic Panic (Democrats. Memories as short as Joe Biden's eyes)
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To: ChildOfThe60s

I just rented a Budget vehicle, in Phoenix, for $258 for six days. A Nissan Rogue. I drove it 908 miles.


106 posted on 02/26/2023 4:39:17 PM PST by blackdog ((Z28.310) Forget "Global Warming", new grants are for "Galaxy Dimming")
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To: EvilCapitalist

“ Maybe people trying to buy BMW’s on a Ford Focus budget.”

Too many people buy $60,000 pickups as well
Very few people need that


107 posted on 02/26/2023 4:43:26 PM PST by HereInTheHeartland (Have you seen Joe Biden's picture on a milk carton?)
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To: ChildOfThe60s

Get the corporate rate. The oppressors seem to fare well. I have another trip out of an arrival in Seattle going out to Widbey Island and the rate is less than $48 per day. Unlimited mileage. March 4th thru 9th.


108 posted on 02/26/2023 4:44:20 PM PST by blackdog ((Z28.310) Forget "Global Warming", new grants are for "Galaxy Dimming")
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To: SaveFerris

When a car runs $40,000 and you have a 5 year loan this kind of a payment is normal, people are INSANE to get under this kind of debt for a damn car!!! The minute you drive it off the lot it loses value!!


109 posted on 02/26/2023 4:48:18 PM PST by Trump Girl Kit Cat (Yosemite Sam raising hell)
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To: dragnet2

Three cars. 2002, 2006, 2008. All paid off many years ago.


110 posted on 02/26/2023 4:56:11 PM PST by Robert A Cook PE (Method, motive, and opportunity: No morals, shear madness and hatred by those who cheat.)
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To: Round Earther
Ordinary f_____g people, I hate them.

Greatest movie soundtrack ever.

111 posted on 02/26/2023 4:56:47 PM PST by DoodleBob ( Gravity’s waiting period is about 9.8 m/s²)
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To: jimwatx; Lazamataz; MHGinTN; governsleastgovernsbest

Mortgage up here was 1200.00 per month for a 150,000.00 dollar 3000 Sq ft house in 1989. 4 bedroom. Paid that mortgage off 12 years ago. Only taxes since then. New roof, new garage doors, outside painting for maintenance costs.


112 posted on 02/26/2023 5:00:13 PM PST by Robert A Cook PE (Method, motive, and opportunity: No morals, shear madness and hatred by those who cheat.)
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To: Disambiguator

It’s a late 1990s

No new parts in the system

It will have to be salvage yard body parts. A woman hit my car.


113 posted on 02/26/2023 5:09:32 PM PST by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: WinMod70

Yeah


114 posted on 02/26/2023 5:10:22 PM PST by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: entropy12

Yep or vice versa

Wall steel decline, less jobs, layoffs


115 posted on 02/26/2023 5:11:29 PM PST by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: Trump Girl Kit Cat

I agree


116 posted on 02/26/2023 5:13:01 PM PST by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: blackdog

https://www.youtube.com/watch?v=kzim1iYhmGA

See this cautionary tale.


117 posted on 02/26/2023 5:18:07 PM PST by ifinnegan (Democrats kill babies and harvest their organs to sell)
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To: DoodleBob

“Greatest movie soundtrack ever.”

It is.


118 posted on 02/26/2023 5:18:10 PM PST by Round Earther
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To: ifinnegan

My last $3000 car has lasted eleven years and cost me three oil changes and one wheel bearing. Nothing else but gasoline.


119 posted on 02/26/2023 5:24:18 PM PST by blackdog ((Z28.310) Forget "Global Warming", new grants are for "Galaxy Dimming")
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To: RomanSoldier19

Gee, and who forced them to make moronic economic decisions?


120 posted on 02/26/2023 5:34:52 PM PST by cyclotic
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