Defaults on auto loans at all time highs

[mopar madness]

Here we go again!

 

[MiHiHemi]

Not surprised when a car payment is as much as a mortgage payment for many these days.

 

[Magnified]

If car payment was a mortgage I would in a damn Lambo

 

[1971demon]

Here we go again!

I've heard this same Bullshit story @ least 5 times in he past 8 to 10 years...I don't buy it...

 

[ChargerChallenger]

Inflation is thru the roof and all the free money is no longer. I believe it and Gas Prices thru the roof. Most people live pay check To pay check. I started my career knocking on doors and learned very quickly most people have no money. But everyone always thinks everyone else does. I just loaned the top sales guy at a huge dealership money. Uh huh everything is ok everybody and Brandon says so.

 

[1971demon]

Inflation is thru the roof and all the free money is no longer. I believe it and Gas Prices thru the roof. Most people live pay check To pay check. I started my career knocking on doors and learned very quickly most people have no money. But everyone always thinks everyone else does. I just loaned the top sales guy at a huge dealership money. Uh huh everything is ok everybody and Brandon says so.

I'm always amazed at the pay check to pay check segment of the work force,,( I employ quite a few..)..I'm not convinced it has that much to do with escalating costs of goods and services...but more to due with the lack of fiscal discipline of living within ones means...there are those that are financially challenged regardless of how much they make...or economic conditions...

 

[ChargerChallenger]

I'm always amazed at the pay check to pay check segment of the work force,,( I employ quite a few..)..I'm not convinced it has that much to do with escalating costs of goods and services...but more to due with the lack of fiscal discipline of living within ones means...there are those that are financially challenged regardless of how much they make...or economic conditions...

True but you believe this Guy Brandon is doing good for this country…..I don’t think you do and I can tell you car dealers are slower, gas stations slower, retail establishments slower, grocery stores slower, lawn and garden equipment dealers slower, trailer dealers slower, boat dealers slower….etc. Rising interest rates, gas prices double triple, energy prices double quadruple, food prices and dining out huge increases. 42 percent less are going out to eat, 30 percent less are driving. Jeff Bezos is unloading warehouses big time, Elon Musk is laying people off, Jobs are actually off big time and retail laid off 70k, Refinance companies laying people off, Truckers going broke due to fuel costs…..etc.
What news or what markets are you watching and not an insult but this Democratic Party is on a mission to Bankrupt the Country so they can tear up the Constitution. Yeh some will say I’m nuts uh huh i told the Brandon voters there idiots to vote this guy in office. NOT A PEEP OF ALL THE BRANDON SUPPORTERS. Ass hats in charge are destroying our country.

 

[1971demon]

True but you believe this Guy Brandon is doing good for this country…..I don’t think you do and I can tell you car dealers are slower, gas stations slower, retail establishments slower, grocery stores slower, lawn and garden equipment dealers slower, trailer dealers slower, boat dealers slower….etc. Rising interest rates, gas prices double triple, energy prices double quadruple, food prices and dining out huge increases. 42 percent less are going out to eat, 30 percent less are driving. Jeff Bezos is unloading warehouses big time, Elon Musk is laying people off, Jobs are actually off big time and retail laid off 70k, Refinance companies laying people off, Truckers going broke due to fuel costs…..etc.
What news or what markets are you watching and not an insult but this Democratic Party is on a mission to Bankrupt the Country so they can tear up the Constitution. Yeh some will say I’m nuts uh huh i told the Brandon voters there idiots to vote this guy in office. NOT A PEEP OF ALL THE BRANDON SUPPORTERS. Ass hats in charge are destroying our country.

I'm By no means a Biden fan...or a fan of what his administration represents...Are we in trouble economically...one would be hard pressed to argue we're not..are segments struggling ?...no question...is a serious recession inevitable...some economists believe so...I'm not so sure...despite supply issues..rising fuel costs..labor issues as well as other factors....an overwhelming segment of my indusrty is busy..manufacturing is busy..now don't get me wrong..I have more questions than answers...and business as usual has taken on a whole new meaning..with the right leadership...we can get back on track...but make no mistake...the CONSTITUTION must be upheld..and preserved..at all costs...

 

[Smitty]

I'm always amazed at the pay check to pay check segment of the work force,,( I employ quite a few..)..I'm not convinced it has that much to do with escalating costs of goods and services...but more to due with the lack of fiscal discipline of living within ones means...there are those that are financially challenged regardless of how much they make...or economic conditions...

As I’ve always said , it’s not what you make it’s what you spend. I’ve seen plenty of people that earn enough to lead a comfortable life but they live beyond their means and end up in financial trouble. No matter what the prices are these type of people will always be in trouble.

 

[MiHiHemi]

I did a little research and the average income in 1970 was around $10K. The average price of a new car was approx. $2,500. That’s 25% of ones yearly income going to a new car.

In 2022, average income shows as $76.5K with average new car prices around $47K. That would be 61% of income going to a new vehicle.

 

[16GoManGoHC2]

I hoping this is true and I can snag a RE for a good price some time in the future. I bought my like new 7000 mile 2016 Dec of 2017 for 42,000 the day it was leaving the lot to go to auction. Deal of a lifetime, hoping it happens again when the market is flooded with cars no one has jobs to be able to buy.

 

[Jimmy N.]

...an overwhelming segment of my indusrty is busy...

You make guns?!?

 

[DavidKFla]

It's the subprime auto loans. Not auto loans in general and they're not at an all time high.

https://www.marketwatch.com/story/p...-2020-a-potential-sign-of-trouble-11648070643

 

[Magnified]

I hoping this is true and I can snag a RE for a good price some time in the future. I bought my like new 7000 mile 2016 Dec of 2017 for 42,000 the day it was leaving the lot to go to auction. Deal of a lifetime, hoping it happens again when the market is flooded with cars no one has jobs to be able to buy.

No kidding, that's a freaking awesome deal.

 

[1971demon]

I did a little research and the average income in 1970 was around $10K. The average price of a new car was approx. $2,500. That’s 25% of ones yearly income going to a new car.

In 2022, average income shows as $76.5K with average new car prices around $47K. That would be 61% of income going to a new vehicle.

I didn't enter the full time workforce till 71...and I only grossed 6g's...and my car in 71...cost me 2800...I was fine...now..my average car purchases are bumpin the 6 figure mark...I'm not gonna tell you what I gross now..but I'm still ok

 

[Marc W]

There’s this thing called math. Some people can’t do it. 🙄

 

[Jack_Toepfer]

Has gas gone up in line with the cost of a new car? How about insurance? For some it’s not too bad making an $800/mo payment on a Hellcat, but the $500 in gas and $200 in insurance makes them realize it ain’t that affordable.

 

[1971demon]

There’s this thing called math. Some people can’t do it. 🙄

Its not the people that cant do math that concern me that much....it's the ones that don't understand English that bewilder me....

 

[1971demon]

Has gas gone up in line with the cost of a new car? How about insurance? For some it’s not too bad making an $800/mo payment on a Hellcat, but the $500 in gas and $200 in insurance makes them realize it ain’t that affordable.

Funny you mention that...my wife just was asking me if I had any idea what we pay for insurance..9 registered insured cars...and 20 of the bikes that are insured...I maintain full coverage all year...I really gotta take a look @ how I insure them..

 

[Jimmy N.]

For some it’s not too bad making an $800/mo payment on a Hellcat, but the $500 in gas and $200 in insurance makes them realize it ain’t that affordable.

No wonder I like my 'Cat. It's actually quite affordable.

No payment, about $50/mo for insurance, and practically no cost for gas.
Okay, the latter is proof that I need to drive it more, but still, it costs me no more than if I had some boring SUV.