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Forum ยป Rising car repossessions trend warning sign for economy, report says
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Thread: Rising car repossessions trend warning sign for economy, report says

post 1673129213 12-19-2022, 08:25 AM
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Rising car repossessions trend warning sign for economy, report says

The auto loan industry looks much different than it did at the start of the pandemic, when Americans got a boost from stimulus checks and lenders were more willing to accommodate those behind on their payments, NBC News reports.

The number of people behind on their car payments has been approaching prepandemic levels in recent months. For the lowest-income consumers, the rate of loan defaults now exceeds 2019, according to data from ratings agency Fitch.

The trend is expected to continue into 2023, due to economists anticipating unemployment to rise, inflation to remain high and household savings set to diminish.

The average monthly payment for a new car is up 26% since 2019 to $718 a month, the report states. Nearly one in six new car buyers is spending more than $1,000 a month on vehicles, and costs associated with owning a car, including insurance, gas and repairs, have shot up.

https://www.foxbusiness.com/economy/...my-report-says

I believe it.
post 1673129373 12-19-2022, 08:27 AM
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Jfl at not buying cash srs
Losers let it happen, winners make it happen.

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post 1673129543 12-19-2022, 08:30 AM
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LOL at the dumbass citzens of our country. Go get in insane debt and then bitch about how horrible our economy is. How about taking responsibility for yourself you stupid ****s.
post 1673129763 12-19-2022, 08:34 AM
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^^ Exactly.

I've been following the car market very closely since September. It's not good. The average car payment is up to $700 for new vehicles. It was ~550 at the end of 2019.

Prices are falling hard on used vehicles because of repos/Carvana mess/nobody buying.

Next year is going to be a golden time to pick up nice used cars for CASH BUYERS.

Edit: woops the OP talks about the $700. This is actually insane to me. I thought 400ish would have been the average. 700+ monthly is absurd. People are so dumb.
post 1673130823 12-19-2022, 08:55 AM
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but buyer beware, imagine buying a used car that was repoed, if the brokie cant afford to even pay for the note do you really think they paid for any maintenance? the damage done by not changing the oil for 2 years isn't always going to be apparent, but the damage is there, hidden away on all the bearing surfaces and will severely impact long term reliability.
post 1673130993 12-19-2022, 08:57 AM
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Most people are absolute trash at paying things off while also biting off more than they can chew
๐—ฃ๐—จ๐—ฅ๐—˜๐—•๐—Ÿ๐—ข๐—ข๐——
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post 1673131573 12-19-2022, 09:08 AM
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When I was in Miami last year I was blown away at the houses that looked like shacks with brand new expensive cars in the driveway.

Are US lenders just predatory and never say no?
post 1673132003 12-19-2022, 09:13 AM
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The whole auto finance industry preys on financially irresponsible people who want to be Ballin2DaMax while making 40k/year. It blows my mind the number of people whom I know make quite a bit less than I, driving much more expensive cars.

Funny how the economy both runs and falters on the people who are chit with their money
Originally Posted By WoofieNugget⏩
When I was in Miami last year I was blown away at the houses that looked like shacks with brand new expensive cars in the driveway.

Are US lenders just predatory and never say no?
Lol when I worked for UPS years ago there were a fukton of trailers/"manufactured homes" with 60k pickup trucks in the driveway.
post 1673132853 12-19-2022, 09:26 AM
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Originally Posted By DolphinPilot⏩
The whole auto finance industry preys on financially irresponsible people who want to be Ballin2DaMax while making 40k/year. It blows my mind the number of people whom I know make quite a bit less than I, driving much more expensive cars.

Funny how the economy both runs and falters on the people who are chit with their money
I work for a Ford dealer, although in wholesale parts not sales. I talk with salesman time to time and it's mind blowing.

80% of customers can't really afford what there buying. Just wanna be on that there baller status.

I'm a car guy always have been but after starting a family I have been on trip to eliminate debt. I have a 97 accord and a 97 silverado. I would love to have a newer car especially a wrx or a mk7 gti but until I can pay cash I will not do it.

Even though I drive old AF cars there is something different about having the titles to them in the safe and having a huge chunk of cash in savings. Paying myself a car payment until the cash is there to actually buy it.
"Equality is a False God"
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post 1673133303 12-19-2022, 09:35 AM
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Originally Posted By SamIAm1892⏩
The auto loan industry looks much different than it did at the start of the pandemic, when Americans got a boost from stimulus checks and lenders were more willing to accommodate those behind on their payments, NBC News reports.

The number of people behind on their car payments has been approaching prepandemic levels in recent months. For the lowest-income consumers, the rate of loan defaults now exceeds 2019, according to data from ratings agency Fitch.

The trend is expected to continue into 2023, due to economists anticipating unemployment to rise, inflation to remain high and household savings set to diminish.

The average monthly payment for a new car is up 26% since 2019 to $718 a month, the report states. Nearly one in six new car buyers is spending more than $1,000 a month on vehicles, and costs associated with owning a car, including insurance, gas and repairs, have shot up.

https://www.foxbusiness.com/economy/...my-report-says

I believe it.
People spending house money on a car. What could go wrong?

Used car interest rates:




In TX that would be over $400 a month for a $20K used car on a 5 year note.
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post 1673133543 12-19-2022, 09:40 AM
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Originally Posted By katya422⏩
People spending house money on a car. What could go wrong?

Used car interest rates:

In TX that would be over $400 a month for a $20K used car on a 5 year note.
Brutal, In 2019, you could take out an unsecured loan for a car at 5% on light stream (you get to keep the title and don't have to have full coverage insurance if you don't want, though that is a huge risk). Now we're at 10% in the freedom state - oof.
post 1673133743 12-19-2022, 09:43 AM
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Pain is required to conquer inflation, and a surge of vehicles becoming available will definitely help drive down prices

This is by design
post 1673134163 12-19-2022, 09:51 AM
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Originally Posted By katya422⏩
People spending house money on a car. What could go wrong?

Used car interest rates:




In TX that would be over $400 a month for a $20K used car on a 5 year note.
Holy fuk at Mississippi. No wonder they're so poor.
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post 1673134593 12-19-2022, 09:59 AM
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lmao fully loaded dodge chargers are going to be on sale after they get repoed from tyrone and jamal. covid gibs are over lmao
post 1673134733 12-19-2022, 10:02 AM
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Originally Posted By Dogkrack⏩
lmao fully loaded dodge chargers are going to be on sale after they get repoed from tyrone and jamal. covid gibs are over lmao
That PPP money dried up.
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post 1673135203 12-19-2022, 10:12 AM
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Originally Posted By katya422⏩
People spending house money on a car. What could go wrong?

Used car interest rates:




In TX that would be over $400 a month for a $20K used car on a 5 year note.
lol - imagine being cucked by liberal California on rates.....smh
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post 1673136413 12-19-2022, 10:35 AM
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Originally Posted By -JR⏩
Holy fuk at Mississippi. No wonder they're so poor.
It's more a symptom of being poor than a cause. People with terrible credit buying cars because you have to have one. If you have good credit its the same as any other state
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post 1673136913 12-19-2022, 10:44 AM
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I will never buy a brand new car. I wait 3-4 years for half the price and pay cash.
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post 1673136963 12-19-2022, 10:46 AM
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What % are Chrysler 300s and Chargers
post 1673137013 12-19-2022, 10:47 AM
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I think a lot of people are going to be defaulting in a lot of areas. Inflation and the rising interest rates are putting the squeeze on people's budgets hard. They paid too much for their cars. A lot of people are being overpaid right now as well. Companies are overpaying for some lower positions and they don't realize that will come to an end. Company will do mass layoffs and then start rehiring at a lower rate.
post 1673137213 12-19-2022, 10:52 AM
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There were over 2 million repos in the first quarter. They all hit in October which busted the used car bubble and is the main reason Carvana went bust.
Be happy while you're living, for you're a long time dead.

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post 1673137723 12-19-2022, 11:00 AM
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Originally Posted By fate0311⏩
LOL at the dumbass citzens of our country. Go get in insane debt and then bitch about how horrible our economy is. How about taking responsibility for yourself you stupid ****s.
This. I know this couple who i would consider low income bought a BMW with a $1400 month note. They have 2 kids and after they bought the car they were evicted from their home. They live in my buddies detached garage with no plumbing. But they still have the BMW.
LOL @ people who follow politics
post 1673137903 12-19-2022, 11:03 AM
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Originally Posted By Jasonw1178⏩
I think a lot of people are going to be defaulting in a lot of areas. Inflation and the rising interest rates are putting the squeeze on people's budgets hard. They paid too much for their cars. A lot of people are being overpaid right now as well. Companies are overpaying for some lower positions and they don't realize that will come to an end. Company will do mass layoffs and then start rehiring at a lower rate.
Interesting points, especially the last bit.
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post 1673138003 12-19-2022, 11:04 AM
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Originally Posted By katya422⏩
People spending house money on a car. What could go wrong?

Used car interest rates:




In TX that would be over $400 a month for a $20K used car on a 5 year note.
Is that sub prime loan data? Just looked at my CU and they are still offering 2.5% up to 72 months. 3.5% for 84 months.
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post 1673138093 12-19-2022, 11:06 AM
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Good

ready to buy me a super duty diesel
post 1673138273 12-19-2022, 11:10 AM
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Originally Posted By litljay⏩
Is that sub prime loan data? Just looked at my CU and they are still offering 2.5% up to 72 months. 3.5% for 84 months.
CU's profits go back to the shareholders. That is why rates are lower.
Be happy while you're living, for you're a long time dead.

I am black.
post 1673138463 12-19-2022, 11:13 AM
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Originally Posted By litljay⏩
Is that sub prime loan data? Just looked at my CU and they are still offering 2.5% up to 72 months. 3.5% for 84 months.
Those rates sounds very low, even for CU's. Great if you can get them. Auto loan rates are at around 5% right now -https://www.penfed.org/auto/rates
post 1673141383 12-19-2022, 12:01 PM
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Originally Posted By litljay⏩
Is that sub prime loan data? Just looked at my CU and they are still offering 2.5% up to 72 months. 3.5% for 84 months.
Used car rates.

See below: new car rates

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post 1673141543 12-19-2022, 12:05 PM
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Originally Posted By Miked1978⏩
This. I know this couple who i would consider low income bought a BMW with a $1400 month note. They have 2 kids and after they bought the car they were evicted from their home. They live in my buddies detached garage with no plumbing. But they still have the BMW.
These people are victims.

It's unfair to let them slide on rent for a whole year, then demand back rent.

Blame Fauci!
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post 1673141753 12-19-2022, 12:12 PM
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Jeez this is nuts. Iโ€™m just waiting for an a6 avant- to get repoโ€™d. I need one of those.
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