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-   The Loft (Evom Car Talk Corner) (https://www.evolutionm.net/forums/loft-evom-car-talk-corner-357/)
-   -   America's Car Loan Debt is out of Control (https://www.evolutionm.net/forums/loft-evom-car-talk-corner/753170-americas-car-loan-debt-out-control.html)

jayevo23 Feb 15, 2019 12:00 PM

America's Car Loan Debt is out of Control
 
Interesting read I thought I share https://jalopnik.com/americas-car-lo...-wo-1832635925

letsgetthisdone Feb 15, 2019 12:06 PM

Cars are going to be the next financial bubble. Leases are terrible too. GM and Ford are preparing for it with their recent business model changes..

spdracerut Feb 21, 2019 03:50 PM

Two years ago:


TJ03VIII Feb 24, 2019 07:32 PM

Well my friends sometimes the truth hurts what people need/want in life does not match wages that stay the same. Do you honestly think big cities like New York or California have all these people in rush hour traffic because they are debt free...it’s cause we got to pay for what we need/want.

kaj Feb 24, 2019 08:13 PM

Going out seven years on a loan for a car that will last half that long....no bueno.

kyoo Feb 25, 2019 06:01 AM

the car market here is bizarre. there's millions of fantastic used, old cars out there but people gotta have the latest and greatest.

spdracerut Feb 25, 2019 09:09 AM


Originally Posted by kyoo (Post 11862191)
the car market here is bizarre. there's millions of fantastic used, old cars out there but people gotta have the latest and greatest.

I don't think the issue actually is with people and newer cars. It's people living pay check to pay check in jobs with little to no advancement opportunity. Because public transportation in the US sucks, the vast majority of people need a car to get to work. So for these people barely making it by, all it takes is one medical emergency or unexpected car repair, and now they are behind on payments on their used car. My wife works with foster care youth and these kids are barely surviving. All it takes is something like a parking ticket which they can't afford to pay or anything else (medical issue, etc), they either get in trouble for not paying the ticket, or get behind on car payment on their $2000 car, lose the car, lose their job, etc. Some of these kids are homeless and living out of their cars.

kaj Feb 25, 2019 10:12 AM


Originally Posted by kyoo (Post 11862191)
the car market here is bizarre. there's millions of fantastic used, old cars out there but people gotta have the latest and greatest.

It's usually easier to buy new than used. Payments are sometimes less ,so people get sucked in without thinking of anything else.
Seems like used car prices are on the rise, for anything desirable. I blame Bring A Trailer and their inflation tactics LOL
Some states make owning an older car a pain in the ass. I'm talking to you ,Kalifornia.
I never buy new because I can't be okay with the depreciation. There is no new car that I will keep long enough to not loose my shirt in the sale.
older cars are better ,anyway.

Wanted EVO IX Feb 25, 2019 11:38 AM

We are in the best economic times, so there shouldn't be this problem with auto loan defaults. We are seeing signs of what some are calling the everything bubble.

jayevo23 Feb 25, 2019 11:44 AM


Originally Posted by kyoo (Post 11862191)
the car market here is bizarre. there's millions of fantastic used, old cars out there but people gotta have the latest and greatest.

This. I see countless people who just bought a brand new car a year or less ago chasing after the latest getting less than what they owe on their trade in driving the purchase price even higher. It blows my mind.

kyoo Feb 25, 2019 12:12 PM


Originally Posted by spdracerut (Post 11862206)
I don't think the issue actually is with people and newer cars. It's people living pay check to pay check in jobs with little to no advancement opportunity. Because public transportation in the US sucks, the vast majority of people need a car to get to work. So for these people barely making it by, all it takes is one medical emergency or unexpected car repair, and now they are behind on payments on their used car. My wife works with foster care youth and these kids are barely surviving. All it takes is something like a parking ticket which they can't afford to pay or anything else (medical issue, etc), they either get in trouble for not paying the ticket, or get behind on car payment on their $2000 car, lose the car, lose their job, etc. Some of these kids are homeless and living out of their cars.

those aren't the people racking up loans on cars, it's middle to middle upper class that buy new cars, get 84 month payment plans etc. those people may get taken on how much interest they have to pay for their 2k car and stuff like that, but i don't think those are the majority of the auto debt we're seeing.

barneyb Feb 27, 2019 01:37 PM

In the local classifieds the Chevy dealer is offering a Suburban with $10,000 of incentives, just the vehicle any soccer mom wants to helicopter her children around in. This brought the selling price down to seventy grand. Take the paperwork to the courthouse and you are back at eighty grand. I remember when I bought my Evo new for way less money and the lady at the courthouse looked across the counter at me and said, "I'm sorry." She looked sincere.

kaj Feb 27, 2019 01:48 PM


Originally Posted by barneyb (Post 11862566)
In the local classifieds the Chevy dealer is offering a Suburban with $10,000 of incentives, just the vehicle any soccer mom wants to helicopter her children around in. This brought the selling price down to seventy grand. Take the paperwork to the courthouse and you are back at eighty grand. I remember when I bought my Evo new for way less money and the lady at the courthouse looked across the counter at me and said, "I'm sorry." She looked sincere.

Courthouse? And why was she sorry?

barneyb Feb 28, 2019 02:56 PM


Originally Posted by kaj (Post 11862569)
Courthouse? And why was she sorry?

I'm assuming this is a serious question. The DMV. She was sorry because of the amount of money I was having to produce to cover sales tax, property tax, wheel tax, registration and plating. Also, I needed the vehicle insured beforehand. The price of a vehicle is not just the sales price.

kaj Feb 28, 2019 03:11 PM


Originally Posted by barneyb (Post 11862704)
I'm assuming this is a serious question. The DMV. She was sorry because of the amount of money I was having to produce to cover sales tax, property tax, wheel tax, registration and plating. Also, I needed the vehicle insured beforehand. The price of a vehicle is not just the sales price.

Oh LOL. Never heard that term before. I was confused. Thought maybe you guys do things different over there. :lol:
Also thought paying less was a good thing so wasn't sure why sorry. I totally missed all that haha


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