The story of the Car Loan subprime lending epidemic is nothing new (one of many, student loans etc). Zerohedge has been writing about it for years, with the financial MSM catching on not too long ago. Even John Oliver had a segment about it on his popular show, Last Week Tonight. The new subprime lending epidemic, in the $1.1 Trillion market, which the experts tell us is contianed and won't have the same effect as in the previous crisis, is where all it takes to buy a car at a dealership is the ability to fog a mirror. Cracks have been rearing their heads over the last few months, but nothing like we are seeing as of late. According to the latest data, auto loan delinquencies are now atlevels not seen since the last financial crisis.
But don't worry, economists are already coming out of the wood works to tell us that the idea there is an auto loan bubble is "a litte overblown." Good thing economists have a great track record, and CDS contracts exist. But what most people didn't know, especially these buyers, who have credit scores of less than 600 and are driving a new car with little to no money down, is that they have a gps tracker in their new/used car.
About a year ago, a friend who owns a car stereo shop outside of Sacramento told me that almost every single car or truck they work on has a gps tracker in the dash. What was even more disturbing, was when he said some of the cars as old as a 1994 Honda Accord, or a 1991 Toyota Celica, which the owners had just financed from a local dealership, had trackers in them. Up until he told me about the use of trackers, no one had ever mentioned this gps tracking that is being done without the owners consent, or maybe they didn't read the 5 point font fine print when buying their car.
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Not sure about all this but i have a 2008 dodge caliber they tried to repo and i left got away and didnt finish my loan till 3yrs after loan ran out good news just paud it and never did they find it
ReplyDeleteI'd be embarrassed to even post that anonymously!
ReplyDeleteAs my father said don't buy what you can't afford!!!!
ReplyDeleteMost new cars and trucks are unaffordable. Some of them cost as much as my house did back in 1990! Used cars now cost what new cars used to cost.
ReplyDeleteUnless you lease it, or finance it for almost ten years, I don't know of too many people out there who can even make the payments on these cars or trucks. I just bought a "certified preowned"2015 Honda Accord for 21K Fully equipped.
The same car brand new for 2017 was over 30K. The car was still in brand new condition with just 10k on the odometer. Still the most I have ever paid in my life for a new vehicle! I bought it for the quality of a Honda, and the future resale value. All I can say is do your homework. Prices are outrageous, buy quality. Don't buy Ford, Chrysler, or GM. You will be sorry.
Their prices are the same as a quality Japanese or German Car. Honda's and Toyota's are manufactured here in North Carolina and South Carolina. Gm and Ford manufactures a lot of their vehicles in Mexico, so you really are not buying american, and the quality still isn't there.
All you morons cheering for a cashless society. This is just another method to SHUT YOU OUT or down! Soon you wont he able to travel,pray,buy, eat, access your own home or now drive anywhere UNLESS THEY ALLOW YOU TOO. Some of you will be pushing people over to receive your mark.
ReplyDeleteTechnically, the drivers of these cars don't "own" them until they are lein free (the lenders are paid off). They are collateral to the lenders until the loans are paid back. The "owners" have no recourse to having the GPS tracking on the cars that they owe money on, and if they remove them, the repo guys will immediately come to get the vehicle, because that would be a violation of the loan agreement. If you don't want a lender tracking where his collateral is, pay off your car. Simple.
ReplyDeleteNot sure about all this but i have a 2008 dodge caliber they tried to repo and i left got away and didnt finish my loan till 3yrs after loan ran out good news just paud it and never did they find it
ReplyDeleteFebruary 23, 2017 at 1:35 PM:
You are the reason lenders put GPS trackers on their cars. Try your stunt again today. I'm sure that lender from the past made sure your credit record was ruined. What's your credit score, maybe 200, or zero? I'll bet you can't get a credit card with less than a 36% interest rate now, or any kind of mortgage. And I guarantee your next car purchase will have a tracker on it, if you can even find someone that will lend you the money to buy a car. All that for a 2008 POS Dodge Caliber! You must be some kind of proud deadbeat!