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Posted: 2/12/2019 5:51:27 PM EDT
[#1]
Quoted:
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/ 3 months is usually around the time that the repossession process starts isn't it? Wonder if I should start a repo business.... 
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Posted: 2/12/2019 5:52:52 PM EDT
[#2]
And I thought being three months behind on my home projects was an issue..
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Posted: 2/12/2019 5:54:10 PM EDT
[#3]
People are stupid and buy more car than they can afford, then when the inevitable happens it's orange bad man's fault? Yep sounds right.
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Posted: 2/12/2019 5:55:32 PM EDT
[#4]
Y’all fother muckers need Jesus... and Dave Ramsey.
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Posted: 2/12/2019 5:56:34 PM EDT
[#5]
But dey gots dat 70" flat screen yo
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Posted: 2/12/2019 5:57:10 PM EDT
[#6]
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: 2/12/2019 5:57:52 PM EDT
[#7]
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. |
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Posted: 2/12/2019 5:58:00 PM EDT
[#8]
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: 2/12/2019 6:00:00 PM EDT
[#9]
Quote HistoryQuoted:
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. 6-8 years from now it will explode once again like it did in 2008. Only worse. |
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Posted: 2/12/2019 6:00:48 PM EDT
[#10]
Quote HistoryQuoted:
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: 2/12/2019 6:02:10 PM EDT
[#11]
I'd like to see the numbers when FBHO ruled.
Fake news. |
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Posted: 2/12/2019 6:02:23 PM EDT
[#12]
lol
The repo rate will continue to rise as the average length of loan increases. Doesn't mean its a problem, just means people are fucking stupid and cars are more expensive relative to income (but they last longer) and people want new shiny things they can't afford. |
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Posted: 2/12/2019 6:02:31 PM EDT
[#13]
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: 2/12/2019 6:03:22 PM EDT
[#14]
I am remembering a thread about Ford offering 0 down,7 year loans on prior year Focuses a while back. When you have to scrape the bottom of the barrel to move cars,it's going to happen that a bunch of people aren't actually going to pay for them in full.
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Posted: 2/12/2019 6:04:48 PM EDT
[#15]
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. Only car and 3 months behind. |
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Posted: 2/12/2019 6:05:08 PM EDT
[#16]
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. I know a lender with a 20% + default rate, so yeah.....2% is pretty low. Yes, the above lender does make money. Lots. |
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Posted: 2/12/2019 6:06:10 PM EDT
[#17]
Jobs are plentiful. I'm sure there are part time jobs for after your primary job. Girl has a full time day job and works part time in retail.
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Posted: 2/12/2019 6:07:08 PM EDT
[#18]
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: 2/12/2019 6:09:08 PM EDT
[#19]
Quote HistoryQuoted: You better believe it. It's only getting worse as people begin using their credit once again. 6-8 years from now it will explode once again like it did in 2008. Only worse. I see ridiculously expensive cars these days like they're a dime a dozen, whereas just a decade ago you wouldn't have seen nearly as many. $80k brodozers, $100k Midlife Crisis sports cars, $75K soccer mom hybrid type autos, etc. |
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Posted: 2/12/2019 6:10:14 PM EDT
[#20]
Quote HistoryQuoted:
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 it shits the bed again, the banks will have their hands in the taxpayers pockets for another bailout. |
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Posted: 2/12/2019 6:12:29 PM EDT
[#21]
Quote HistoryQuoted:
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: 2/12/2019 6:15:39 PM EDT
[#22]
Quote HistoryQuoted: There's a huge amount of people that buy homes and cars that they can't afford. As long as the banks are willing to lend them the money it will continue. When it shits the bed again, the banks will have their hands in the taxpayers pockets for another bailout. |
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Posted: 2/12/2019 6:16:45 PM EDT
[#23]
Quote HistoryQuoted:
It is a higher percentage than you suggest. It should be looked at as a percentage of car owners not population. Quote HistoryQuoted:
Quoted:
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. There are roughly 270 million registered cars in the US. If 7 million of them are at risk for repossession, that still only represents roughly 3% of cars. Still an exceptionally low figure, IMO. |
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Posted: 2/12/2019 6:16:52 PM EDT
[#24]
Car payment? What the hell is that?
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Posted: 2/12/2019 6:18:15 PM EDT
[#25]
Paging Dr Burry.
Is it time to buy credit default swaps on automotive loans? |
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Posted: 2/12/2019 6:19:16 PM EDT
[#26]
Quote HistoryQuoted: There's a huge amount of people that buy homes and cars that they can't afford. As long as the banks are willing to lend them the money it will continue. When it shits the bed again, the banks will have their hands in the taxpayers pockets for another bailout. the commie banksters as per usual. |
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Posted: 2/12/2019 6:19:20 PM EDT
[#27]
I’m 2 months ahead on my mortgage and 1 month ahead on my truck payment.
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Posted: 2/12/2019 6:23:14 PM EDT
[#28]
Quote HistoryQuoted:
I didn't see the article give its raw data, but... There are roughly 270 million registered cars in the US. If 7 million of them are at risk for repossession, that still only represents roughly 3% of cars. Still an exceptionally low figure, IMO. Quote HistoryQuoted:
Quoted:
Quoted:
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. There are roughly 270 million registered cars in the US. If 7 million of them are at risk for repossession, that still only represents roughly 3% of cars. Still an exceptionally low figure, IMO. |
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Posted: 2/12/2019 6:26:07 PM EDT
[#29]
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. I bet there are as many or more in the same position with credit card payments and mortgages. |
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Posted: 2/12/2019 6:26:35 PM EDT
[#30]
We nutted up and are paying 8 months worth of payments using our Gubment money. Instead of 11 payments left we will only have 3 left
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Posted: 2/12/2019 6:28:10 PM EDT
[#31]
The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market,” economists at the New York Fed wrote in a blog post. |
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Posted: 2/12/2019 6:28:32 PM EDT
[#32]
The last two trucks I bought I paid cash for. It has been 25 years since I had a car loan. My next truck I will pay cash.
I just wish some of these people who can't afford a completely loaded truck would stop buying them. They look at how much a month not what the truck cost them. Trucks would be cheaper with only 3 year loans. |
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Posted: 2/12/2019 6:28:41 PM EDT
[#33]
Yep, people buy more than they can afford... they concentrate on the payment amount rather than the total amount...
When I bought my most recent car, I paid a lot of attention to the interest rate (and the dealer fucked me - I had 1.9% approved from my bank, dealer said they got me 2.3% and gave me a good discount on a service plan... turns out Toyota Financial had my rate at 3.9%!! I refinanced with my CU for 2.3% or something like that)... and I started paying a bit more than half of the regular payment out of every paycheck. That's going to end up between 1 and 2 extra payments per year. |
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Posted: 2/12/2019 6:29:50 PM EDT
[#34]
Quote HistoryQuoted:
You better believe it. It's only getting worse as people begin using their credit once again. 6-8 years from now it will explode once again like it did in 2008. Only worse. Quote HistoryQuoted:
Quoted:
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. 6-8 years from now it will explode once again like it did in 2008. Only worse. The last time the Fed raised rates like that was in 2006-2007, and the worst of the crash happened in 2008. I expect the timeline to be similar when it happens again. And if we have a large spike in oil prices at the same time, it will be 2008 all over again. And the government will bail out their rich friends, again. 
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Posted: 2/12/2019 6:32:43 PM EDT
[#35]
Quote HistoryQuoted:
Yes it is. I was amazed to learn that over 90% of the households in the US own cars. I never would have guessed that because I know more than a few households that don't. That's a lot of cars and owners. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
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. There are roughly 270 million registered cars in the US. If 7 million of them are at risk for repossession, that still only represents roughly 3% of cars. Still an exceptionally low figure, IMO. |
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Posted: 2/12/2019 6:35:20 PM EDT
[#36]
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: 2/12/2019 6:39:01 PM EDT
[#37]
Odd timing, I was just driving through the ghetto and saw a brand new 2018 Expedition and a Range Rover among others.
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Posted: 2/12/2019 6:39:33 PM EDT
[#38]
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: 2/12/2019 6:44:40 PM EDT
[#39]
Quote HistoryQuoted:
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. |
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Posted: 2/12/2019 6:45:29 PM EDT
[#40]
Quote HistoryQuoted:
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. |
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Posted: 2/12/2019 6:49:58 PM EDT
[#41]
Quote HistoryQuoted:
We have had a growing culture of faking wealth at all cost since the 80s. Two generations of people that think the appearance of wealth makes them wealthy. Add to that 20 years of the delusion that everyone will grow up to be rich. Its a perfect storm for this. Quote HistoryQuoted:
Quoted:
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. |
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Posted: 2/12/2019 6:58:49 PM EDT
[#42]
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) The subprime market blossoms with a strong economy such as what we see in the USA. The downside of that is predatory lending practices and shysters that kink paperwork to get the banks to buy the loan and foist 29.9% interest rates on people who "think" they can make the payments and discover that the cannot because it takes too much out of their disposable income. GDSR is a real thing, and it is largely ignored by predatory lenders and those who want something shiny and want it right now. "Most of the people who are behind on their bills have low credit scores and are under age 30" (from the article) |
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Posted: 2/12/2019 6:59:48 PM EDT
[#43]
The article is very misleading. The headline talks about the number of loans but later they admit that the percentage is lower. In 2010 it was 5.3%, now it is 4.5%. They say this is slightly lower, .8% lower is almost 20% lower.
They also ignore longer and bigger loans at a higher interest rate. I would like to see how many of the people lower credit scores and are paying subprime interest rates. |
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Posted: 2/12/2019 7:03:25 PM EDT
[#44]
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: 2/12/2019 7:03:25 PM EDT
[#45]
Quote HistoryQuoted:
Paging Dr Burry. Is it time to buy credit default swaps on automotive loans? And that's a scary thought. |
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Posted: 2/12/2019 7:03:27 PM EDT
[#46]
Meanwhile I am over 9 months paid ahead on my 0% loan and will have a 6 year loan paid off in 4 1/2 years.
That should melt the minds of ARFtards that love to tell others how to invest their money talking about it would be better off invested or whatever other shit they would do. Fact is when I am done paying this car off early I will have that amount of money a month freed up to start a 66 restomod project. |
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Posted: 2/12/2019 7:04:28 PM EDT
[#47]
Quote HistoryQuoted:
Y’all fother muckers need Jesus... and Dave Ramsey. 
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Posted: 2/12/2019 7:04:55 PM EDT
[#48]
Average car price these days and the average payment of one if a buyer puts very little down?
Yeah....I can see some dumbasses getting into trouble real quick with a car loan. Just bought one 5 days ago. Ads were running on the company website.... "$749/mo". I've heard the past few years that the average payment on a vehicle is over $600 
Not this guy. I'll save up, get some cheap financing with a good down payment and take 4-6 months to pay it off. I'm doing it now. $365/ mo. My biggest payment ever. I have a 4 month plan to pay it off. |
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Posted: 2/12/2019 7:05:50 PM EDT
[#49]
Quote HistoryQuoted: Never ceases to amaze me how people keep buying bigger houses as they age. I've lived in the same house almost 20 years. My kids are moving out now. Why on earth would I want a bigger house? Then again I don't give a shit what people think about me |
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Posted: 2/12/2019 7:06:09 PM EDT
[#50]
LOL....I wonder what the figures are on bass boats and 4X4 side-by-sides.
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