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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
...leaving debtors at risk of owing more money than their cars are actually worth.This happens EVERY time you drive a 'new' car off of the showroom floor!
161
posted on
02/27/2023 4:29:25 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: Lizavetta
Uh... products of our schools?
162
posted on
02/27/2023 4:29:49 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: Gen.Blather
the free Covid money...Someone (or many) should be in jail over this false advertising.
163
posted on
02/27/2023 4:31:01 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: mware
164
posted on
02/27/2023 4:32:01 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: dragnet2
165
posted on
02/27/2023 4:32:31 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: Round Earther
The market is “correcting” it hasn’t fully corrected yet.
When idiotic companies like Carvana are gone and no longer grossly overpaying for used cars because their “algorithms” tell them paying more for a used car than a new car is smart... that’s when sanity will start to return.
It’s getting better, but the whole auto market has not fully corrected from the insanity of the past several years yet.
To: Ronaldus Magnus III
167
posted on
02/27/2023 4:37:34 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: joma89
but this takes discipline
168
posted on
02/27/2023 4:43:48 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: steve86
yup
way too many owners fear something ‘happening’ to their 2-3 old car and want to offload the worry.
169
posted on
02/27/2023 4:44:58 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: HereInTheHeartland
ya need one if yer neighbor just got one!!!
170
posted on
02/27/2023 4:46:19 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: Robert A Cook PE
Only taxes since then. Spelchunk got RENT wrong.
171
posted on
02/27/2023 4:47:11 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: Round Earther
172
posted on
02/27/2023 4:48:35 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: Disambiguator
173
posted on
02/27/2023 4:49:17 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: dragnet2
6 decades ago your wages were 1/10 of what they are now.
174
posted on
02/27/2023 4:50:41 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: Cold Heart
I’ve hauled goats in the back of my Grand Cherokee.
175
posted on
02/27/2023 4:53:12 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: Cold Heart
the kids will make a bigger mess than the sheep!
176
posted on
02/27/2023 4:54:03 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: Cold Heart
...but they won’t eat the headliner.
177
posted on
02/27/2023 4:54:27 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: HamiltonJay
178
posted on
02/27/2023 5:00:56 AM PST
by
Elsie
(Heck is where people, who don't believe in Gosh, think they are not going...)
To: cherry
Mileage varies for different people. My wife will drive no more than 12,000 in a year. I on the other hand will easily do 30,000 miles a year.
179
posted on
02/27/2023 5:18:33 AM PST
by
SamAdams76
(4,895,899 Truth | 87,656,930 Twitter)
To: Drew68
My current daily driver is an ‘05 F350 6.0L V8 Turbo-diesel. Paid cash for it 2 years ago, religiously maintained.
Looks like new, runs like new, rides like new. I’ve had a few people who want(ed) to buy it and I’d sell for $28-$30k. If I did that, I’d buy a used Toyota and pay cash for it.
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