Two weeks ago, the NY Fed made waves in the finance community when it reported that a record 7 million Americans are delinquent on their auto loans. Of course, to regular readers, none of this was new as we covered that exact same topic back in May 2018 when we reported that "Subprime Auto Loan Default Rates Are Now Higher Than During The Financial Crisis."
Alas, that does not make the Fed's conclusions incorrect, and in fact according to the Experian's latest State of the Automotive Finance Market report, the situation is getting worse by the day as not only are auto loan delinquencies rising but Americans are now paying a fresh record high monthly payment for both a new and a used car and assuming a larger amount of debt to make it happen as affordability continues to decline. Americans now hold $1.178 trillion of outstanding auto loan debt (a record) up from $1.072 trillion two years ago....
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11 comments:
$545 was the mortgage payment on my condo in OC 27 years ago.
There are many people that shouldn't be buying new cars.
Don't complain about the payments when you signed the contract.
Because people are IDIOTS. You see these idiots around here. Look at me I got a 70 thousand dollar pick up truck. Unfortunately, they are struggling to pay for it. Now I know we are going to have a couple of wannabe TRUMP post about what they have and I have no problem paying BULLSHIT. People should stop buying new vehicles. Just WATCH how fast the prices drop. Hell GM is leaving the UNITED STATES. Yet I see FOOLS buying their vehicles at 6, 7, 8 hundred dollars a month. IDIOTS.
I just bought a seriously sweet SUV for $300 a month.What is wrong with you morons?
Did they think that car payments would go down instead?
Part of it is the government requiring 20 airbags, tire pressure monitoring systems (that always break), and a pluthera of systems to reduce emmisions.
It's Called : INFLATION ! just look around us each and everyone ! ..the list is absolutely endless ! And that's The Truth !
Yeah I am in the 800 dollar club for my “Truck” payment. I don’t consider myself an idiot or that I shouldn’t have bought the truck. I knew what I was doing and I can afford it. Plus I really didn’t want to have to look in the mirror wearing a skirt and holding a purse after buying a little Kia or Hyundai. Hey 8:08, I really hate to tell you this but I’m not struggling at all to make the payment. Don’t assume everyone is poor on the shore. I work hard and want something nice, it’s that simple.
HAHAHA. Another wannabe. If you pay 800 dollars a month for a vehicle wether you can afford it or not. YOUR A FREAKING IDIOT!!
Why would anyone pay 800 dollars a month for a car?? Especially when they have 6 cylinders in full size pickup trucks or SUV's. Then you hear that they are better than 8 cylinders. Besides why pay all that money. For an under performing vehicle. That's not even made in America. Sorry but that's a MORON to me.
March 2, 2019 at 7:58 AM
"I knew what I was doing and I can afford it."
If you had to finance it, you couldn't afford it! It's that simple. You are paying a bundle in interest to use someone else's money to pay for "your" truck. And it won't be "your" truck for years to come. The bank owns your truck, and you are just paying $800.00 a month to use it. If you could afford it, you would have paid for it when you bought it and not had to use someone else's money. It's that simple.
If you buy what you can afford, it's paid for when you drive it off the lot. You don't impress anybody with "your" $800.00 a month truck. I've seen many a person driving a $40000.00 car living in a two bedroom apartment, or worse. You all think you're impressing somebody. Too bad your inferiority complex costs so much of your income.
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