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Posted: 2/13/2019 1:15:01 AM EDT
[#1]
Never had a car payment. Never will have a car payment.
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Posted: 2/13/2019 1:17:06 AM EDT
[#2]
7,000,000 really isn't that many. That's less than a 7% default rate.
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Posted: 2/13/2019 1:17:58 AM EDT
[#3]
Finally! I'm ahead of an average!
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Posted: 2/13/2019 1:20:35 AM EDT
[#4]
Subprime auto loans are the new Subprime Mortgage...
High interest (as long as they pay...) |
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Posted: 2/13/2019 8:28:58 AM EDT
[#5]
Quote HistoryQuoted:
Subprime auto loans are the new Subprime Mortgage... High interest (as long as they pay...) |
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Posted: 2/13/2019 8:54:56 AM EDT
[#6]
We get notifications for repos and I have def see an uptick in repos for the past year.
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Posted: 2/13/2019 8:58:42 AM EDT
[#7]
Debt is the devil.
People brag about their 20k dollar credit limit. It's nice to have for work purposes but for home purposes it's no good. |
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Posted: 2/13/2019 9:13:28 AM EDT
[#8]
Quote HistoryQuoted:
LOL....I wonder what the figures are on bass boats and 4X4 side-by-sides.  Bass Pro offers 180 month notes on some of theirs. And it all made sense. |
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Posted: 2/13/2019 9:19:17 AM EDT
[#9]
Quote HistoryQuoted:
https://www.washingtonpost.com/resizer/9jjVOaj9_jm6-RLquGfq3fXiZ7Y=/631x0/arc-anglerfish-washpost-prod-washpost.s3.amazonaws.com/public/KRLGC4CVJNBFHM6HTBYYTPFM7I.png The rates appear to be slightly higher in every category during the obama years. Quote HistoryQuoted:
Quoted:
I'd like to see the numbers when FBHO ruled. Fake news. The rates appear to be slightly higher in every category during the obama years. |
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Posted: 2/13/2019 9:33:06 AM EDT
[#10]
I woulda thought they would repo your car sometime between the 2nd and 3rd missed payment??
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Posted: 2/13/2019 9:36:33 AM EDT
[#11]
Quote HistoryQuoted:
We get notifications for repos and I have def see an uptick in repos for the past year. |
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Posted: 2/13/2019 9:41:32 AM EDT
[#12]
Quote HistoryQuoted:
I woulda thought they would repo your car sometime between the 2nd and 3rd missed payment?? |
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Posted: 2/13/2019 9:46:18 AM EDT
[#13]
Quote HistoryQuoted:
Because dipshit fucktards want to spend 30-60K on a fucking pickup truck. Stupid on that scale...and you get what you deserve. Only a fucking idiot would spend that on a fucking pickup for their primary driving vehicle (unless they were some sort of contractor) unless they're fucking rich.
The price of pickup trucks is straight up RETARDED. I thought I might get a truck until I saw what they are going for now. No thanks. |
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Posted: 2/13/2019 9:53:51 AM EDT
[#14]
Quote HistoryQuoted:
I woulda thought they would repo your car sometime between the 2nd and 3rd missed payment?? Heck, some of those "BHPH" places actually put GPS devices and remote kill switches in the cars, so if you don't pay they shut your shit off and then come get it before you can hide it. Then they sell it to someone else for the same price, and do it over again. Imagine selling the same car 5 times. |
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Posted: 2/13/2019 10:00:09 AM EDT
[#15]
Not surprising. The nominal median income in 2017 was $31,786, which means half the income earning people earned less than that, and the other half earned more. Conversely, the mean cost of a new automobile in 2017 was $35,368.
Fortune Magazine has a good article on this: New Cars Are Unaffordable for Most Americans Also, here is a very interesting article that looks at the cost of three different vehicles in 1965 (versus today), gas prices, wages (measured in hours of work needed to purchase something), and adjusts it all for inflation. Excerpt: In 1965, the sticker price of a new V-8 powered Ford Mustang coupe was $2,734.00 (the equivalent of $19,900 today), and the average production worker made $3.00 per hour; to purchase a new Mustang coupe with a V-8 engine, therefore, required 911 hours of work, or about 23 weeks. By 1985, the cost of an eight-cylinder Mustang had risen to $9,885.00 (today's $21,100), while production wages had risen to $12.50 per hour, meaning that one needed to toil for just 791 hours (120 hours less than in 1965) to buy one. In 2005, the scales tipped in the opposite direction: the V-8 Mustang was priced at $25,815 (today's $30,300), and a production worker made $23.92 per hour, requiring 1,079 hours of work to buy the car. The picture darkens a bit further in 2013, where the $31,545 Mustang requires a worker earning $27.15 per hour to put in 1,162 hours in order to pay the Ford off.
As for gas, our fictitious employee needed to work one hour in 1965 to pay for ten gallons of gas, priced at $0.30 per gallon. In 1985, with gas priced at $1.13, 0.90 hours (or, if you'd prefer, 54 minutes) of labor were required to buy 10 gallons, but this figure would climb again for 2005. Then, with gas at $2.30 per gallon, 0.96 hours (56 minutes) were needed for the partial fill-up, but the biggest jump came between 2005 and 2013. Today, 1.27 hours (just over 76 minutes) are needed to put 10 gallons of gasoline in the tank, making the ritual of a Saturday night cruise noticeably more expensive. |
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Posted: 2/13/2019 10:00:23 AM EDT
[#16]
Quote HistoryQuoted: Wonder if I should start a repo business.... |
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Posted: 2/13/2019 10:02:15 AM EDT
[#17]
Quote HistoryQuoted:
No, you get to skip at least 3 payments before they come looking, unless its one of those "buy here pay here" type places. Quote HistoryQuoted:
Quoted:
I woulda thought they would repo your car sometime between the 2nd and 3rd missed payment?? |
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Posted: 2/13/2019 10:08:20 AM EDT
[#18]
Quote HistoryQuoted:
The REAL bubble is commercial lending. You wouldn't believe the money that's chasing commercial borrowers right now. It's absurd how whored out that particular sector is. |
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Posted: 2/13/2019 10:09:22 AM EDT
[#19]
Quote HistoryQuoted:
Debt is the devil. People brag about their 20k dollar credit limit. It's nice to have for work purposes but for home purposes it's no good. 
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Posted: 2/13/2019 10:10:22 AM EDT
[#20]
Quote HistoryQuoted:
No, you get to skip at least 3 payments before they come looking, unless its one of those "buy here pay here" type places. Heck, some of those "BHPH" places actually put GPS devices and remote kill switches in the cars, so if you don't pay they shut your shit off and then come get it before you can hide it. Then they sell it to someone else for the same price, and do it over again. Imagine selling the same car 5 times.
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Posted: 2/13/2019 10:10:42 AM EDT
[#21]
Fewer than 1 percent of auto loans issued by credit unions are 90 days or more late, compared with 6.5 percent of loans issued by auto finance companies. |
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Posted: 2/13/2019 10:17:35 AM EDT
[#22]
Quote HistoryQuoted:
Not surprising. The nominal median income in 2017 was $31,786, which means half the income earning people earned less than that, and the other half earned more. Conversely, the mean cost of a new automobile in 2017 was $35,368. Fortune Magazine has a good article on this: New Cars Are Unaffordable for Most Americans Also, here is a very interesting article that looks at the cost of three different vehicles in 1965 (versus today), gas prices, wages (measured in hours of work needed to purchase something), and adjusts it all for inflation. Excerpt: That said, most Americans shouldn't be buying new cars. I certainly don't. |
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Posted: 2/13/2019 10:17:43 AM EDT
[#23]
Quote HistoryQuoted:
Was in Subway getting a sammich one day and one of the workers had a repo guy show up looking for their car. Worker (female) said and I quote "I'm only 3 months behind, they can't take my car" He left with said car but it was quite the scene, complete with "I'll cut you" threats |
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Posted: 2/13/2019 10:22:01 AM EDT
[#24]
Oddly, I've always tried to live within my means... single or married. Additionally, my bills always got paid before I blew any money. My hubby was the same way. He says that when he got to know me (we met on a blind date, or sorts) that was something he admired about me. Especially after being a bouncer in Daytona Beach and seeing the worst life had to offer...
He attended ERAU and had to pay his own way.
Consequently, we now owe nothing on our home, properties, and vehicles. (used oxford comma so there was no confusion  )
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Posted: 2/13/2019 10:27:46 AM EDT
[#25]
Quote HistoryQuoted: was her name Bon-QuiQui? |
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Posted: 2/13/2019 10:29:57 AM EDT
[#26]
I would go take a nice slightly used F450 TD crew cab, off of somebody's hands for the amount owed.
But sadly I am sure these are the same folks that put zero down and took out an 87 month loan. 
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Posted: 2/13/2019 10:30:06 AM EDT
[#27]
Maybe when that bubble pops, vehicle prices will descend back to reality.
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Posted: 2/13/2019 10:31:39 AM EDT
[#28]
Quote HistoryQuoted:
Not surprising. The nominal median income in 2017 was $31,786, which means half the income earning people earned less than that, and the other half earned more. Conversely, the mean cost of a new automobile in 2017 was $35,368. Fortune Magazine has a good article on this: New Cars Are Unaffordable for Most Americans Also, here is a very interesting article that looks at the cost of three different vehicles in 1965 (versus today), gas prices, wages (measured in hours of work needed to purchase something), and adjusts it all for inflation. Excerpt: Quote HistoryQuoted:
Not surprising. The nominal median income in 2017 was $31,786, which means half the income earning people earned less than that, and the other half earned more. Conversely, the mean cost of a new automobile in 2017 was $35,368. Fortune Magazine has a good article on this: New Cars Are Unaffordable for Most Americans Also, here is a very interesting article that looks at the cost of three different vehicles in 1965 (versus today), gas prices, wages (measured in hours of work needed to purchase something), and adjusts it all for inflation. Excerpt: In 1965, the sticker price of a new V-8 powered Ford Mustang coupe was $2,734.00 (the equivalent of $19,900 today), and the average production worker made $3.00 per hour; to purchase a new Mustang coupe with a V-8 engine, therefore, required 911 hours of work, or about 23 weeks. By 1985, the cost of an eight-cylinder Mustang had risen to $9,885.00 (today's $21,100), while production wages had risen to $12.50 per hour, meaning that one needed to toil for just 791 hours (120 hours less than in 1965) to buy one. In 2005, the scales tipped in the opposite direction: the V-8 Mustang was priced at $25,815 (today's $30,300), and a production worker made $23.92 per hour, requiring 1,079 hours of work to buy the car. The picture darkens a bit further in 2013, where the $31,545 Mustang requires a worker earning $27.15 per hour to put in 1,162 hours in order to pay the Ford off.
As for gas, our fictitious employee needed to work one hour in 1965 to pay for ten gallons of gas, priced at $0.30 per gallon. In 1985, with gas priced at $1.13, 0.90 hours (or, if you'd prefer, 54 minutes) of labor were required to buy 10 gallons, but this figure would climb again for 2005. Then, with gas at $2.30 per gallon, 0.96 hours (56 minutes) were needed for the partial fill-up, but the biggest jump came between 2005 and 2013. Today, 1.27 hours (just over 76 minutes) are needed to put 10 gallons of gasoline in the tank, making the ritual of a Saturday night cruise noticeably more expensive. Seems like every year mommy government adds another requirement for new cars. CAFE, increasing crash safety standards, backup cameras, lane departure etc. These standards do make cars safer but IMO they drastically increase costs and minimize choice as it is harder to package all this crap in something that consumers actually want. Large trucks are probably more expensive because they have to have a higher profit margin to offset the loss leaders that are hybrids and other little turds. CUVs are probably so popular now because they are easier for manufacturers to cram all the mandates in. |
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Posted: 2/13/2019 10:33:09 AM EDT
[#29]
Quote HistoryQuoted:
Not surprising. The nominal median income in 2017 was $31,786, which means half the income earning people earned less than that, and the other half earned more. Conversely, the mean cost of a new automobile in 2017 was $35,368. Fortune Magazine has a good article on this: New Cars Are Unaffordable for Most Americans Also, here is a very interesting article that looks at the cost of three different vehicles in 1965 (versus today), gas prices, wages (measured in hours of work needed to purchase something), and adjusts it all for inflation. Excerpt: The 60s got expensive. |
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Posted: 2/13/2019 10:33:39 AM EDT
[#30]
Quote HistoryQuoted:
Odd how the default rate plummets when creditworthiness is actually taken into account when deciding to issue the loan. Quote HistoryQuoted:
Fewer than 1 percent of auto loans issued by credit unions are 90 days or more late, compared with 6.5 percent of loans issued by auto finance companies. |
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Posted: 2/13/2019 10:41:04 AM EDT
[#31]
Quote HistoryQuoted:
No, you get to skip at least 3 payments before they come looking, unless its one of those "buy here pay here" type places. Heck, some of those "BHPH" places actually put GPS devices and remote kill switches in the cars, so if you don't pay they shut your shit off and then come get it before you can hide it. Then they sell it to someone else for the same price, and do it over again. Imagine selling the same car 5 times. Quote HistoryQuoted:
Quoted:
I woulda thought they would repo your car sometime between the 2nd and 3rd missed payment?? Heck, some of those "BHPH" places actually put GPS devices and remote kill switches in the cars, so if you don't pay they shut your shit off and then come get it before you can hide it. Then they sell it to someone else for the same price, and do it over again. Imagine selling the same car 5 times. They really want to sell debt. |
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Posted: 2/13/2019 10:57:08 AM EDT
[#32]
Quote HistoryGSODracing: WaPo trying to make the Orange man look bad but this sounds more like people getting their Escalades repossessed that make $30k per year.
https://www.washingtonpost.com/business/2019/02/12/record-million-americans-are-months-behind-their-car-payments-red-flag-economy/ macro: When I see these stats I'm starting to not believe them. If the news is all correct, the overwhelming majority of Americans are basically impoverished and so far in debt they will never get back to a $0 balance. I have a tough time believing that. Yeah, there are some stupid people who manage money poorly, but I don't think that the majority of adults are this dumb. Maybe I'm wrong and they are. I don't know. When the debtor doesn't even need to be smart enough to calculate the interest of his or her debt, should I hold liability to the debt serfs or the megcorporations? Is liability with the 85 IQ ditch digger stuck in the payday loan rut, the 110 IQ journeyman or clerk living paycheck-to-paycheck in deep credit card debt, or should I hold liability to the the financial offices full of MBAs and PhDs? Usury is immoral, and America should become a Christian society again. The banks create these loans out of nothing, with not even paper bills to back them up, lend out these inflated dollars to the public, and they have the audacity to charge interest on this made up money. Student Debt should be dischargeable in bankruptcy. Congress could nationalize the Federal Reserve, and make a debt jubilee where it uses that same money creation method to give a stipend to everyone that files a credit report with an income tax return on the condition that all money of the stipend be used to retire the tax payer's debt before any other use. Fractional reserve banking is usury and should be constitutionally prohibited. These things could be done if the public was the main focus of the government; but we do not have a government of, by and for the people - we have a government of money power. |
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Posted: 2/13/2019 11:02:52 AM EDT
[#33]
Quote HistoryQuoted:
I have wondered how people who I think shouldn't have them, afford boats. Bass Pro offers 180 month notes on some of theirs. And it all made sense. |
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Posted: 2/13/2019 11:05:08 AM EDT
[#34]
Quote HistoryQuoted:
Not sure but I bet it's like housing. They'd rather work out payment arrangements than own the asset. Quote HistoryQuoted:
Quoted:
I woulda thought they would repo your car sometime between the 2nd and 3rd missed payment?? A lot of the "Buy Here - Pay Here' dealerships may sell the same car two or more times. Buyer 1 plunks down is down payment (equal to what the dealership really has in the car) and starts making high-interest payments. Buyer 1 then "gets behind" and the dealership can repo the car, and put Buyer 2 into it for the same down - (The dealership doubled their money) and again they milk the customer with every high-interest auto payment (think 19.99% interest or sometimes higher depending on the state usury laws) |
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Posted: 2/13/2019 11:07:39 AM EDT
[#35]
If the automotive industry didn't get propped up by the government half of the manufacturers would be gone.
The majority of the RV and trailer mfgs closed shop and are never coming back. Same with the boat industry. All were domestic made. The motorcycle industry has taken a huge hit. The big push now is 400 cc and less Street bike market. Models previously sold in Asia and India. I also doubt people who have long term auto loans even look at the cost of insurance for the life of the loan. People should invest in apartments. I don't see a lot of younger people buying homes. |
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Posted: 2/13/2019 11:12:20 AM EDT
[#36]
Quote HistoryQuoted: Wow. 15 years. Amazing. |
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Posted: 2/13/2019 11:13:07 AM EDT
[#37]
@markmars
Quote Historymarkmars: So they manage their money like congress?
It's called the stupid tax. |
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Posted: 2/13/2019 11:15:48 AM EDT
[#38]
That relatively small number does not surprise me.
Most people I know start getting itchy when they get close to paying off their vehicle to get another one and can't wait to get something better and more expensive. I don't understand that attitude. I haven't had a car payment in over 15 years. |
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Posted: 2/13/2019 11:19:01 AM EDT
[#39]
Quote HistoryQuoted:
But dey gots dat 70" flat screen yo
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Posted: 2/13/2019 11:20:44 AM EDT
[#40]
Quote HistoryQuoted:
/thread Only debt I currently have is a mortgage and it is 1/3 the price of what rent would be. Quote HistoryQuoted:
Quoted:
Y'all fother muckers need Jesus... and Dave Ramsey. Only debt I currently have is a mortgage and it is 1/3 the price of what rent would be. 
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Posted: 2/13/2019 11:34:39 AM EDT
[#41]
Quote HistoryQuoted:
Hes still not wrong. Quote HistoryQuoted:
Quoted:
Not a new truck, just new to me. And the payment and interest rate are both good. Plus, it's my only debt. Soooo, sorry to disappoint you. |
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Posted: 2/13/2019 11:49:34 AM EDT
[#42]
Quote HistoryQuoted:
Debt is like a narcotic, our society can't stay off of it. Debt has always been a problem for America, even when America had a high IQ electorate. The Founding Fathers got themselves into so much trouble that the Congress passed the first bankruptcy law in 1800. Now the electorate's and the general population's IQ has decreased; debt is easy to acquire, hard to discharge; in the last half century America has been deindustrializing, families have been fracturing, fastidious fatherhood has fallen away to feminized fuckboyhood, medical costs have been inflating, and the financial sector has gained huge amounts of political power. When the debtor doesn't even need to be smart enough to calculate the interest of his or her debt, should I hold liability to the debt serfs or the megcorporations? Is liability with the 85 IQ ditch digger stuck in the payday loan rut, the 110 IQ journeyman or clerk living paycheck-to-paycheck in deep credit card debt, or should I hold liability to the the financial offices full of MBAs and PhDs? Usury is immoral, and America should become a Christian society again. The banks create these loans out of nothing, with not even paper bills to back them up, lend out these inflated dollars to the public, and they have the audacity to charge interest on this made up money. Student Debt should be dischargeable in bankruptcy. Congress could nationalize the Federal Reserve, and make a debt jubilee where it uses that same money creation method to give a stipend to everyone that files a credit report with an income tax return on the condition that all money of the stipend be used to retire the tax payer's debt before any other use. Fractional reserve banking is usury and should be constitutionally prohibited. These things could be done if the public was the main focus of the government; but we do not have a government of, by and for the people - we have a government of money power. |
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Posted: 2/13/2019 11:57:49 AM EDT
[#43]
Quote HistoryQuoted:Yeah, there are some stupid people who manage money poorly, but I don't think that the majority of adults are this dumb. Maybe I'm wrong and they are. I don't know. |
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Posted: 2/13/2019 11:59:33 AM EDT
[#44]
Quote HistoryQuoted:
In the past few years, subprime auto lending was how the auto-industry moved cars. The trouble is we all know what is going to happen and that it deters from future sales (where people saved up to buy a car) |
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Posted: 2/13/2019 12:03:34 PM EDT
[#45]
They should have bought their cars with credit cards. Cash back son.
Learned this in GD.
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Posted: 2/13/2019 12:04:51 PM EDT
[#46]
Quote HistoryQuoted:
That's like, 2% of the population, right? I'm honestly more surprised that the number isn't higher. A number that low is a sign of a strong economy. |
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Posted: 2/13/2019 12:05:59 PM EDT
[#47]
Quote HistoryQuoted:
They should have bought their cars with credit cards. Cash back son. Learned this in GD.
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Posted: 2/13/2019 12:06:27 PM EDT
[#48]
Quote HistoryQuoted:
I work in retail and I deal with those people daily. People can't afford $400 for a washing machine but they have a $500 phone and a thousands invested in their tattoos. Quote HistoryQuoted:
Quoted:Yeah, there are some stupid people who manage money poorly, but I don't think that the majority of adults are this dumb. Maybe I'm wrong and they are. I don't know. |
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Posted: 2/13/2019 12:16:15 PM EDT
[#49]
Quote HistoryQuoted:
Cash for clunkers still fucking up car prices. |
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Posted: 2/13/2019 12:24:20 PM EDT
[#50]
Quote HistoryQuoted:
Wow. 15 years. Amazing. Quote HistoryQuoted:
Quoted:
I have wondered how people who I think shouldn't have them, afford boats. Bass Pro offers 180 month notes on some of theirs. And it all made sense. |
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