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More Car Owners Delinquent than Before

Gunter

Passed Driver's Ed
Location
san diego
Saw a similar article earlier. Can’t really say I’m surprised especially after seeing what terms some people are and willing to agree to just to have a new whip in the garage. Guess those 700 and 1000 dollar car payments aren’t all that fun
 

The Fed

Old Guys Rule
Location
Florida
Someone here posted an article last year that stated car loans are going to tank again. Looks like they're probably right.
 

TechGuy32

Ready to race!
Location
My Place
Unfortunately in the U.S. people are encouraged to live way beyond their means. Instant gratification is mandatory. There is no reason to wait until you earn enough money when you can get instant credit with a 29% APR. Anything less than being in excessive debt is un-American. ;) If you don't own a 5,000 SF home with 4+ new cars in the driveway then you're not keeping up with the Jones. (sic).
 

southpawboston

Drag Racing Champion
Location
Somerville, MA
Unfortunately in the U.S. people are encouraged to live way beyond their means. Instant gratification is mandatory. There is no reason to wait until you earn enough money when you can get instant credit with a 29% APR. Anything less than being in excessive debt is un-American. ;) If you don't own a 5,000 SF home with 4+ new cars in the driveway then you're not keeping up with the Jones. (sic).

Lol, I own a 1333 sq ft home and one car, seems fine for my family of four plus dog. On the other hand my home is 75% paid for, I have zero credit card debt, a hefty retirement account, and I’m paying my car off at 0%. I’m a bad American!
 

TechGuy32

Ready to race!
Location
My Place
Shame, shame, shame on you for being un-American ! ;)

You must have paid attention in school and disregarded the entitlement hype.
 

PRRGG1

Drag Racing Champion
Location
USA
I'd reword the story's closing sentence of "The substantial and growing number of distressed borrowers suggests that not all Americans have benefitted from the strong labor market and warrants continued monitoring and analysis of this sector." to instead read:

"The substantial and growing number of distressed borrowers suggests that an increasing number of Americans are driving cars they cannot afford".

I wonder if Lease payment performance is tracked as well? Leasing comprises nearly a third of U.S. transactions now?
 

The Fed

Old Guys Rule
Location
Florida
I'd reword the story's closing sentence of "The substantial and growing number of distressed borrowers suggests that not all Americans have benefitted from the strong labor market and warrants continued monitoring and analysis of this sector." to instead read:

"The substantial and growing number of distressed borrowers suggests that an increasing number of Americans are driving cars they cannot afford".

I wonder if Lease payment performance is tracked as well? Leasing comprises nearly a third of U.S. transactions now?

It's the strong market that contributes to the crisis. People think they can overextend even more. Wait until the $20 minimum wage becomes reality.
 
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