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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: Elsie

Carvana is by far the dumbest concepts since Webvan.

Sooner they, and the various clones die, the better off everyone will be.


181 posted on 02/27/2023 5:21:26 AM PST by HamiltonJay
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To: EvilCapitalist

My 2018 forester was paid off in 2021. I owed 7k on my 2019 tucson. I sold it to carmax last year for 22k when I retired.
We only have 1 car now and it’s working out just fine.


182 posted on 02/27/2023 5:41:14 AM PST by Harpotoo (Being a socialist is a lot easier than having to WORK like the rest of US:-))
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To: Lizavetta
What kind of maroon would agree to car payments that high?

The same kind that falls for weekly payments on things......

Growing up in B'ham Alabama, there was a dealership I passed every day - Curt's Cars, in the black section of town.

Apparently, someone didn't like their deal and had changed their sign to read:
Curt's Cars
Buy Here! Pay Here!
we F*CK you Free!

always struck me as funny
183 posted on 02/27/2023 6:52:29 AM PST by Karma_Sherab
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To: SaveFerris

What, you shouldn’t take life directions from some kid who has never held a job other than making YouTube videos from his mother’s basement?


184 posted on 02/27/2023 8:06:46 AM PST by Bubba_Leroy (Dementia Joe is Not My President)
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To: slouper
My Dad use to tell me never go beyond 48 months on a car note

My Dad use to tell me never go beyond 36 months on a car note, but the last new car he financed was in the 1960s. After that, he only bought used cars for cash, which is what I have done since the late 1990s (the last new vehicle I bought was a 1996 Ford F-150).

My kids are in their late 20s and have never owned a new car or had a car note. They all own their own homes though.

185 posted on 02/27/2023 8:17:09 AM PST by Bubba_Leroy (Dementia Joe is Not My President)
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To: slouper

Coupes are good. Sedans are ugly.


186 posted on 02/27/2023 8:18:50 AM PST by central_va (I won't be reconstructed and I do not give a damn...)
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To: cherry

I think today insurance companies issue rebuild or salvage titles if the airbags go off I could be wrong

If I buy an old car for cheap and run it in the ground in 2 to 3 years I don’t care about the title so much

Today you have to be rich to buy a new nice car in my opinion when nice cars luxury cars start at 75 80,000


187 posted on 02/27/2023 9:09:53 AM PST by wardaddy (Truth is treason in the Empire of lies)
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To: Elsie

My parents bought a BRAND NEW home in CA, on ONE income.

Try that in todays economic meat grinder.


188 posted on 02/27/2023 11:37:17 AM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: Bubba_Leroy

Heh

Or some woman who tells strangers how to live their lives. Might as well watch CNN and MSNBC and believe their nonsense.


189 posted on 02/27/2023 11:58:59 AM 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: Elsie

White, black and red.

Then silver with an occasional blue.

A couple of yellow.

Looks like they have a few cars. 🚗🚗🚗🚗🚗🚗


190 posted on 02/27/2023 12:03:58 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: wardaddy

I have never purchased a “luxury car” and have no desire to do so—just don’t get it at all—and I could afford it even at today’s prices.

All I want is cheap and reliable transportation—and that is still doable today in ways discussed on this thread.


191 posted on 02/27/2023 12:04:44 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: SaveFerris

It’s help if the damn feds would stop mandating all this frivolous bs be added in cars.

It all adds to the damn price


192 posted on 02/27/2023 1:32:49 PM PST by SPDSHDW (Ya’ll knew he was installed via fraud, and chose to do nothing. Enjoy the roller coaster ride.)
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To: central_va

I know but i’m just to old to strap one on these days. I need room and comfort that’s why I drive and old mans cruiser.


193 posted on 02/27/2023 2:05:55 PM PST by slouper (LWRC SPR 5.5 6)
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To: SPDSHDW

Yes


194 posted on 02/27/2023 2:34:58 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: RomanSoldier19

cash for clunkers 2


195 posted on 02/27/2023 3:04:38 PM PST by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
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To: Bubba_Leroy

The BOOK says to owe no man.


196 posted on 02/27/2023 6:30:01 PM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: dragnet2

Where in CA?


197 posted on 02/27/2023 6:30:46 PM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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To: cherry

>>what’s this “covid bucs” you talk about?<<

The so called “Stimulus” money.


198 posted on 02/27/2023 10:14:23 PM PST by ApplegateRanch (Why are there so many more horse's @33es than horses?)
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To: usconservative

And that’s what I’m saying. You know they don’t. Why would they?


199 posted on 03/03/2023 6:03:42 AM PST by CommieCutter
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