> For new vehicles, the average auto loan is for 70.4 months (less than two months shy of six years) and monthly payments have climbed past $700 for the first time ever, according to new data from Edmunds. It echoes similar findings included in a joint forecast from J.D. Power and LMC Automotive released in late July. > The average new-car transaction in July was $45,869, according to the J.D. Power/LMC Automotive forecast. That's down a tad from the record $45,988 set in June. > Higher interest rates for auto loans: The average is about 5.5%, up from 4.5% a year ago, Edmunds data shows. That rate could tick higher, given that the Federal Reserve is expected next month to again raise a key interest rate that many consumer loans derive from. > Vehicle popularity: Consumer preference also has shifted over the last decade or so to SUVs and trucks from sedans, which may cost less.
How do we reign in American stupidity before they crash the global economy again?
this is really good news t. works in sub-prime auto finance
Hudson Foster
>> Vehicle popularity: Consumer preference also has shifted over the last decade or so to SUVs and trucks from sedans, which may cost less. This is why. Blame inflation due to printing money and giving people and companies handouts. Half of all the money today was printed in the last 2 years.
Jackson Morris
its a transient bubble due to niggers scamming covid bucks
> paying 45k for a car Why pay 45k when 10k will do just fine? Considering the average American is pulling in only 50k$ a year and all I think its a bit excessive.
Xavier Cooper
Reminder if you don't drive a 20 year old, we'll maintained, fuel efficient car you aren't white.
Jason Richardson
Here’s my trick; buy a car that will last at least one year per thousand dollars spent. Hence, a 10k car should last at least 10 years.
Jackson Phillips
>Half of all the money today was printed in the last 2 years. not true
Oliver Scott
If there is one thing people in America do better than anyone else, it’s buying shit they can’t afford
i live in a town with alot of mexicans. they like to do things all at once. they all of a sudden all started financing cars they cant afford. in particular new mustangs, challengers, chargers, camaros
Leo Powell
You have to think of it like the price of a shitcoin.
The USD is crashing against virtually all commodities and real goods.
People keep endlessly discussing "oil prices," "the real estate market," "food prices," "supply chains," "supply side," "wage price spirals," but it all boils down to dollars (and other currencies) being worth less vs. real things.
Boomers are holding onto their houses despite less buyers because... houses are up against dollars. Petrol prices at the pump are high because... petrol is up against dollars. Home heating oil is up because... energy is up against dollars. Restaurant and supermarket bills are expensive because... food is up against dollars. Wages are rising because... labour is up against dollars.
I bought a 2001 Ford F-250 crew cab a few years ago for 100$ and it’s been the most reliable vehicle I’ve ever owned. Sure, I’ve put about 3000$ into it over the years but it beats paying interest every month.
I can math, was referring to a bank actually offering this terrible of a deal.
Tyler White
Yeah, check above. I capped an actual example from the website. It's fucking real, if you can believe that shit.
Adrian Gray
What's the rough average interest rate for sub prime auto loans? 15%? What are the worst terms you've ever seen?
Nolan Cruz
Jfc.....you'd have to be two standard deviations below the average IQ to fall for this.
Brayden Fisher
What's the endgame for such usury? I doubt they even get 4 payments before the debtor defaults.
Daniel Gonzalez
Usury. Who owns that company, a Jew?
Jaxson Rogers
Why would anyone on earth buy that piece of shit
David Cox
Welcome to America.
Adam Reyes
>Half of all the money today was printed in the last 2 years. i mean isn't all monetary value fake? Some user was telling me the other day that this investment firm was worth 10 trillion dollars, then I looked it up and there isn't even that much money in circulation in total how does that make sense?
James Gomez
LMFAO may whoever spends that much + tax/title on this Jeep burn in eternal hellfire. Does the CEO get a call each time they sell one and they all just look at each other in disbelief?
Jonathan Rogers
That’s about a dollar per mile you’ll get out of it, not including gas oil or brakes
Jeremiah Walker
They sell the debt to collection agencies mostly.
Gavin Lewis
This is predatory. Anyone offering a single fucking ground why this shit should still be legal, is at it.
Who the fuck takes out a car loan. I could understand if you are somewhat poor, but I cannot understand why someone wouldn't just get a cheap car an pay cash. no debt, no interest. Get a common car for cheap parts and a reputable one to limit breakdowns. How is this not everyone's priority?
