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More Americans Than Ever Have Monthly Auto Payments Over $1,000
01-07-2023, 01:43 PM
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#1
- SamIAm1892
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More Americans Than Ever Have Monthly Auto Payments Over $1,000
Higher interest rates are translating to record car payments among Americans borrowing money to purchase new vehicles.
Actions from policymakers at the Federal Reserve to tame inflationary pressures have led to the fastest increase of the target federal funds rate in decades, impacting interest rates across the economy and raising the cost of borrowing money for consumers and businesses. The average annual percentage rate on new financed vehicles increased from 5.7% in the third quarter to 6.5% in the fourth quarter, according to data from the car review website Edmunds, while the rate for used financed vehicles increased from 9% to 10%.
“At the onset of the pandemic, consumers benefited from low interest rates and elevated trade-in values, helping shield even the more questionable financing decisions from resulting in negative equity,” Edmunds Director of Insights Ivan Drury said. “But as we shifted toward an environment with diminished used car values and rising interest rates over the past few months, consumers have become less insulated from those riskier loan decisions, and we are only seeing the tip of the negative equity iceberg.”
https://www.dailywire.com/news/more-...ents-over-1000
Haven't been seeing to many high priced/luxury cars on the road lately. Maybe most are getting repoed?
What's the possibility that most are going to be living in their cars now when they realized they bit off more than they can chew.
Actions from policymakers at the Federal Reserve to tame inflationary pressures have led to the fastest increase of the target federal funds rate in decades, impacting interest rates across the economy and raising the cost of borrowing money for consumers and businesses. The average annual percentage rate on new financed vehicles increased from 5.7% in the third quarter to 6.5% in the fourth quarter, according to data from the car review website Edmunds, while the rate for used financed vehicles increased from 9% to 10%.
“At the onset of the pandemic, consumers benefited from low interest rates and elevated trade-in values, helping shield even the more questionable financing decisions from resulting in negative equity,” Edmunds Director of Insights Ivan Drury said. “But as we shifted toward an environment with diminished used car values and rising interest rates over the past few months, consumers have become less insulated from those riskier loan decisions, and we are only seeing the tip of the negative equity iceberg.”
https://www.dailywire.com/news/more-...ents-over-1000
Haven't been seeing to many high priced/luxury cars on the road lately. Maybe most are getting repoed?
What's the possibility that most are going to be living in their cars now when they realized they bit off more than they can chew.
01-07-2023, 01:50 PM
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#2
01-07-2023, 01:52 PM
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#3
- koreannoodles77
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- koreannoodles77
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Plan to pay off my truck this year
lol at paying interest
lol at paying interest
01-07-2023, 01:54 PM
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#4
01-07-2023, 02:03 PM
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#5
- Jasonw1178
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Of course, cars are more expensive than ever and interest rates are higher. So $1000 is really $750, but then with the interest rates being higher you are talking about what would have been a $600/mo car a couple years ago. A lot of people's credit has taken a hit as well.
I work at a dealer and see what some are paying for some cars it's really bad.
I work at a dealer and see what some are paying for some cars it's really bad.
01-07-2023, 02:18 PM
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#6
01-07-2023, 02:21 PM
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#7
01-07-2023, 02:27 PM
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#8
Sold both of my non daily drivers and motorcycle in 2021.
Currently driving a company truck with fuel paid for. Will swoop in and buy something for cash in 2023 probably. Unless rates come down before 2024 I would consider a loan at less than 8%. and pay more on it each month depending on the market.
Haven't had a payment in years. Would have been insane to buy during 2020-2022.
Currently driving a company truck with fuel paid for. Will swoop in and buy something for cash in 2023 probably. Unless rates come down before 2024 I would consider a loan at less than 8%. and pay more on it each month depending on the market.
Haven't had a payment in years. Would have been insane to buy during 2020-2022.
01-07-2023, 02:30 PM
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#9
01-07-2023, 02:38 PM
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#10
- Ramoneb87
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There are people with real money right now. My friend works at a ford dealership, he says all the Lariats, Raptors, Shelbys and other top trim vehicles fly off the lot, some of are even accounted for before they show up.
While the base models and lower trims just sit there, no one even wants to look at them.
He also said they are in a tough spot right now because they were paying top dollar for trade ins, and no one seems to be interested in those.
Pretty much, it seems like only 10k a day CEOs are even looking at new cars right now
While the base models and lower trims just sit there, no one even wants to look at them.
He also said they are in a tough spot right now because they were paying top dollar for trade ins, and no one seems to be interested in those.
Pretty much, it seems like only 10k a day CEOs are even looking at new cars right now
Know Justice
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01-07-2023, 02:40 PM
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#11
- DeadlyStriker
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Bought car cash crew. No car payment crew.
Just LOL at having a car payment
Just LOL at having a car payment
01-07-2023, 02:40 PM
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#12
01-07-2023, 03:02 PM
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#13
- CanardMedic
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yo serious question, how are these people doing this though?
Car payment + mortage payment!?
pick one or the other but both at the same time + almighty high interest on both?
People are living on credit their whole life or what?
Car payment + mortage payment!?
pick one or the other but both at the same time + almighty high interest on both?
People are living on credit their whole life or what?
01-07-2023, 04:22 PM
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#14
- DolphinPilot
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Oh well, that's bad news mostly for the dip****s who live in apartments but "need" a 60k car.
01-07-2023, 04:30 PM
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#15
- SamIAm1892
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Originally Posted By BasedBagel⏩
Ya, that is exactly what I am thinking.Meanwhile
More than 20 million Americans are behind on their utility bills
https://eu.usatoday.com/story/money/...ls/7884197001/
The NEADA said those households owe a combined $16 billion in unpaid utility bills, double the pre-pandemic total. The average balance owed has climbed 97% since 2019, to $792, according to the NEADA.
Rent and mortgage is sky high too, inflation for everything, just look at your grocery bills.
At this point, pretty sure majority of Americans are literally living pay check to pay check, surviving off credit cards. Combine this with all the other problems our country is facing. Truly have open borders being flooded by thousands of unskilled migrants, criminals, drug cartels using it to move drugs at levels never seen before. Look at every major city here in the U.S. and what they've turned into.
This is not a good outlook boyos, it's not sustainable. A country cannot prosper like this. We Rome collapse soon.jpg, the real pain is coming.
Imagine not listening to Katya
More than 20 million Americans are behind on their utility bills
https://eu.usatoday.com/story/money/...ls/7884197001/
The NEADA said those households owe a combined $16 billion in unpaid utility bills, double the pre-pandemic total. The average balance owed has climbed 97% since 2019, to $792, according to the NEADA.
Rent and mortgage is sky high too, inflation for everything, just look at your grocery bills.
At this point, pretty sure majority of Americans are literally living pay check to pay check, surviving off credit cards. Combine this with all the other problems our country is facing. Truly have open borders being flooded by thousands of unskilled migrants, criminals, drug cartels using it to move drugs at levels never seen before. Look at every major city here in the U.S. and what they've turned into.
This is not a good outlook boyos, it's not sustainable. A country cannot prosper like this. We Rome collapse soon.jpg, the real pain is coming.
Imagine not listening to Katya
Most of those high end cars like every miscer mentioned are parked in front of ****ty ass apartments or the ghetto.
You have like 2 families in one house making mortgage because it is around $3000 for a beat up house. Or they bunk with 3 other roomates just to make rent.
01-07-2023, 04:31 PM
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#16
- XcelerateNYC
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Trying to think of ways to capitalize off all the repos that as gonna happen. Reps for ideas.
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01-07-2023, 05:37 PM
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#17
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Originally Posted By BasedBagel⏩
The people that are getting monetarily raped are the ones on natural gas. If you're on electric, there's not much of a change. I was out of town on vacation for 2 weeks in December so my bill was about $19, but this month my bill will be less than double that;Meanwhile
More than 20 million Americans are behind on their utility bills
https://eu.usatoday.com/story/money/...ls/7884197001/
The NEADA said those households owe a combined $16 billion in unpaid utility bills, double the pre-pandemic total. The average balance owed has climbed 97% since 2019, to $792, according to the NEADA.
Rent and mortgage is sky high too, inflation for everything, just look at your grocery bills.
More than 20 million Americans are behind on their utility bills
https://eu.usatoday.com/story/money/...ls/7884197001/
The NEADA said those households owe a combined $16 billion in unpaid utility bills, double the pre-pandemic total. The average balance owed has climbed 97% since 2019, to $792, according to the NEADA.
Rent and mortgage is sky high too, inflation for everything, just look at your grocery bills.
Originally Posted By Azrairc⏩
When people say the total amount of an auto payment they usually include car insurance. For me its about $560My car payment is like $200 and I think that’s a lot Can’t wait to pay it off
01-07-2023, 05:40 PM
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#18
Should of bought earlier.
Prices in everything are going nowhere but up lol.
If you aren't getting a 10% raise every year I got bad news for ya.
Prices in everything are going nowhere but up lol.
If you aren't getting a 10% raise every year I got bad news for ya.
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01-07-2023, 05:42 PM
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#19
- GeezersPalace
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Car Financing was one of the biggest scams since 2017 when it was completely de-regulated and the reason behind car prices not "lack of chips"
Other countries don't have this problem, Just the US right now.
Part of the greater economic crash thats coming.
Other countries don't have this problem, Just the US right now.
Part of the greater economic crash thats coming.
01-07-2023, 05:46 PM
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#20
Originally Posted By GeezersPalace⏩
The crash that never comes.Car Financing was one of the biggest scams since 2017 when it was completely de-regulated and the reason behind car prices not "lack of chips"
Other countries don't have this problem, Just the US right now.
Part of the greater economic crash thats coming.
Other countries don't have this problem, Just the US right now.
Part of the greater economic crash thats coming.
As long as the BLS keeps pumping out booming job reports propaganda this will keep going on forever.
Only the top 20% matter in the modern day economy.
The bottom 50% are a permanent underclass.
As long as new immigrants can come here and take out new lines of credit this is never stopping.
Look at the border.
"I am a rational animal who occupies the intermediary position between angel and beast"
"The upper class is afforded their position by the collective burden the underclass must carry for them"
**Summer Walker Crew**
01-07-2023, 05:58 PM
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#21
- GeezersPalace
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Originally Posted By OPGenesis⏩
Although there is some truth to what your saying, when people work out that 20 percent housing price drops are really 40% then there will be a massive exodus.The crash that never comes.
As long as the BLS keeps pumping out booming job reports propaganda this will keep going on forever.
Only the top 20% matter in the modern day economy.
The bottom 50% are a permanent underclass.
As long as new immigrants can come here and take out new lines of credit this is never stopping.
Look at the border.
As long as the BLS keeps pumping out booming job reports propaganda this will keep going on forever.
Only the top 20% matter in the modern day economy.
The bottom 50% are a permanent underclass.
As long as new immigrants can come here and take out new lines of credit this is never stopping.
Look at the border.
Life is good in Australia though
01-07-2023, 06:03 PM
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#22
- Smithers115
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imagine buying a car when you can buy a welder and make your own
lmao at poverty fabricationcels
lmao at poverty fabricationcels
Great MAGA King status
Bing Chilling
01-07-2023, 06:09 PM
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#23
01-07-2023, 06:19 PM
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#24
- ThatGuy950
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Imagine financing a car when you can just move to California/Oregon/Washington and steal one with zero consequences and drive free (steal fuel too, lol at fuelcels)
Coincel
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01-07-2023, 06:28 PM
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#25
- DustinTheHuss
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$450 a month crew for a 2016 BMW 3 series I bought a year ago.
01-07-2023, 06:31 PM
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#26
- Maestro
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Originally Posted By ThatGuy950⏩
Imagine falling for media propagandaImagine financing a car when you can just move to California/Oregon/Washington and steal one with zero consequences and drive free (steal fuel too, lol at fuelcels)
1. That law only applies to thefts <$300.
2. That law only applies to the city of San Francisco. Thats one city in a state that is over 900 miles of land from end to end.
3. You still can't steal in front of cops. they'll still put you on a t-shirt if you steal right in front of one, but if a grocery store calls the cops because someone stole a box of shaving razors, they're not going to send a squad out to investigate.
01-07-2023, 06:41 PM
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#27
Originally Posted By DustinTheHuss⏩
Damn, you got fukt hard.$450 a month crew for a 2016 BMW 3 series I bought a year ago.
Dealers love people like you lol.
"I am a rational animal who occupies the intermediary position between angel and beast"
"The upper class is afforded their position by the collective burden the underclass must carry for them"
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01-07-2023, 06:45 PM
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#28
Very poor financial decisions all around the board.
- New cars should be bought by someone who's never gotten a new car before.
- If you already own a car that's a couple of years old, maintain it.
- If you drive a beater with a good body, fix it up. This saves a ton of money and you can drive a reliable car.
- New cars should be bought by someone who's never gotten a new car before.
- If you already own a car that's a couple of years old, maintain it.
- If you drive a beater with a good body, fix it up. This saves a ton of money and you can drive a reliable car.
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01-07-2023, 06:46 PM
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#29
- Immichaelski
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Originally Posted By wickedman⏩
For what?$1500 a month crew checking in.
01-07-2023, 06:46 PM
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#30
- DustinTheHuss
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Originally Posted By OPGenesis⏩
It was $21,000. I bought a new Mustang in 1994 for $17,000. That’s low for a BMW and I love it. I want to drive it into the ground.Damn, you got fukt hard.
Dealers love people like you lol.
Dealers love people like you lol.
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