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03-12-2019, 12:55 PM | #1 |
Drives: 2009 Base Hatch 2 Dr Auto Join Date: Dec 2008
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Record number of defaults on auto loans
Could this lead to a recession? I’m hearing 7 million people have defaulted on their car loans. Considering the average car is well over $30,000, that’s almost like the mortgage defaults into thousand and eight leading to a recession. Add in the record number Of the faulted college student loans and we may have a big problem!
Could all the safety regulations be making cars so expensive that defaulting on the loans will come back to bite us in the ass? How about trucks? Those damn things are like $50-$75,000 now. And people don’t seem to have a common sense that they can’t afford these things.
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03-12-2019, 02:34 PM | #2 |
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It's ok, it will all get added to the magical number called the national debt which will is owed to the federal reserve...
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03-12-2019, 06:18 PM | #3 |
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i defaulted on my loan because i was underpaid and overworked leading to more expenses.
and i owed 10 grand, its because everywheres so expensive to live that you have to room ina crummy shitty rent a room to afford even a basic life or live at home now. idk why people buy cars over 20 grand, what do you need all that shit for? showboating? |
03-12-2019, 07:29 PM | #4 |
Drives: 05 Echo Join Date: Jul 2009
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That plus a lot of other things.
I work in an automotive parts plant and it's been very slow for 3 months now. I also deal with a number of automotive machine shops and they've been telling me it's been really slow since January. It could be coming, we've had a long run. https://www.bloomberg.com/news/artic...-delinquencies |
03-12-2019, 07:34 PM | #5 |
Drives: '08 2zr swapped Vios M/T Join Date: Oct 2012
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You had a whole thread going about how butt hurt you were over Toyota not offering the GRMN state side. Turns out Toyota was right, even its most prolific self appointed GRMN expert wouldn't buy one...
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03-12-2019, 09:53 PM | #6 |
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I don't think it's all the safety regulations. Yes, that adds to the cost of cars, but it's not really that bad. Car prices are still very reasonable. A Kentucky-made Camry LE can be had for as low as $25,000 MSRP, with of course the actual purchase price being a few thousand dollars less than that. I think it's all the SUV's. Pretty much any SUV will cost tens of thousands of dollars more than what a car costs. Everywhere I look I see SUV's, and I don't understand how everyone suddenly became able to afford one. Well, probably they can't. Banks are handing out auto loans like candy. Someone in my family bought a SUV, specifically a fully-loaded Jeep Grand Cherokee, with a loan, for $50,000. And trust me, everything this guy owns is paid for with debt.
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03-12-2019, 10:04 PM | #7 | |
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Quote:
This current generation struggles with the concept of living within their means. I see it with my circle of friends a lott. They drive cars they have no money for, or are therefore car poor and cannot afford anythig else. They then complain that that they still live with their parents while they drive around their $80,000 Challenger Hellcat.
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03-13-2019, 09:03 AM | #8 |
Drives: 05 Echo Join Date: Jul 2009
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It's not just the current generation, they're learning it from their parents and grandparents.
I know people my age with $100k or more on their line of credit, little to no savings, driving new financed trucks and think they're going to retire in a few years. Not a clue. |
03-13-2019, 10:36 AM | #9 | |
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Quote:
why buy one? when i can build it plus i cant drive manual nobody in the US my age and drive a manual. id spend alot of money on a GRMN though, the real one from japan, not the one from europe, thats the really bad one. |
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03-13-2019, 10:38 AM | #10 | |
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Quote:
why though. |
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03-13-2019, 10:39 AM | #11 | |
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Quote:
but instagram clout and Burnouts BRO look i smoked that minivan |
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03-13-2019, 10:43 AM | #12 |
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03-13-2019, 10:45 AM | #13 | |
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Quote:
20 likes per post. couldnt be happier. |
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03-13-2019, 11:03 AM | #14 |
Drives: 05 Echo Join Date: Jul 2009
Location: Waterford Ontario
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03-13-2019, 11:41 AM | #15 |
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03-13-2019, 11:47 AM | #16 |
Join Date: Feb 2010
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[QUOTE=bronsin;822868]Could this lead to a recession? I’m hearing 7 million people have defaulted on their car loans.
So is this the last 12 months, the last month? By itself, this number does not tell me much. 7 million out of how many loans? You can have record number...but if the number of loans is a record number also, the 7 million may be at the same percent rate of failure as any other similar time frame. As for who is at fault? "Drive any car in a get $5000 trade in value and you are approved!..as long as you make $200 a week." Of course you are approved. If you fail to make your payment, they just come take your car from you sell it again. |
03-13-2019, 12:24 PM | #17 | |
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Quote:
Refer to your post (#3)...
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03-13-2019, 12:44 PM | #18 |
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still will build/ buy a GRMN because its a middle finger to toyota for not making one, hope it pisses them off that in need to mod there crummy hatchback to make it better. good luck getting it back from me .
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