Car repossessions are expected to hit 3 million this year, their highest rate since the 2009 recession

[Dont Taz Me Bro]

That number is expected to almost double this year, which is not a sign of a booming economy. Furthermore, the average price of a new vehicle is now $50.000, which is out of reach for many people. Yes, people can buy used cars, but with used cars comes increased maintenance and repair costs. One thing I have always wondered about is why the consumer can't buy directly from the manufacturer? Why do we need to go through a dealership, a middleman, instead of buying directly from Ford? That would cut down immensely on the price of a new car and make them more affordable, yet I never hear any of the politicians talking about this.

An increasing number of Americans are falling behind on their car payments, mimicking a trend commonly seen at the start of major economic downturns.

Last year, 1.73 million vehicles were repossessed, which is the highest number since the year following the 2008 financial crisis, according to a report by the CFA seen by the Wall Street Journal.

"Delinquencies, defaults, and repossessions have shot up in recent years and look alarmingly similar to trends that were apparent before the Great Recession," said the report.

Delinquency, which refers to being late on loan repayments, can devastate investor confidence and lead to an economic crash.

MSN

 

[TNHarley]

Why do we need to go through a dealership, a middleman, instead of buying directly from Ford? That would cut down immensely on the price of a new car and make them more affordable

While I completely agree, car dealers only make an average of like 4 percent on new cars. Which averages around 1700 dollars. But you can also add in fees they charge.

 

[candycorn]

Can’t wait to hear how Biden is responsible

 

[Lockback]

When you look at the price of a car and/or the price of a home, we're sitting on a powder keg. The American Dream is dying before our eyes. An entire generation is getting left behind; they simply cannot make enough money to buy a car or particularly a house.

 

[Dont Taz Me Bro]

When you look at the price of a car and/or the price of a home, we're sitting on a powder keg. The American Dream is dying before our eyes. An entire generation is getting left behind; they simply cannot make enough money to buy a car or particularly a house.

It also depends on where you live. I receive a home value report every month and the prices of houses in my zip code have remained stable for over a year now.

 

[TNHarley]

When you look at the price of a car and/or the price of a home, we're sitting on a powder keg. The American Dream is dying before our eyes. An entire generation is getting left behind; they simply cannot make enough money to buy a car or particularly a house.

All thanks to the government.
And retarded people want them to have more control of our lives. Its insane!

 

[Lockback]

It also depends on where you live. I receive a home value report every month and the prices of houses in my zip code have remained stable for over a year now.

Our have slowed down but skyrocketed until very recently.

 

[1srelluc]

Hell, I posted of this better than a year ago but now it's some sort of revelation. The OP/dems did not seem to care about it when President Auto-Pen was around.

Thread 'Americans struggling to make car payments is highest since Great Recession'

Jan 28, 2023

Americans struggling to make car payments is highest since Great Recession A growing number of Americans are falling behind on their car payments, an ominous sign for the U.S. economy as high car prices and persistent inflation strain household budgets. Car repossessions tumbled in the early days of the pandemic when the government sent millions of Americans stimulus checks. But they have progressively ticked higher as sky-high prices for used and new cars alike forced consumers to take out bigger loans. In December, the percentage of subprime auto borrowers who were...

• 1srelluc
• Replies: 18
• Forum: Economy

• 

Nope, not a peep out of the OP.

 

[Concerned American]

Can’t wait to hear how Biden is responsible

Thanks for the admission. 'Nuff said.

 

[progressive hunter]

Can’t wait to hear how Biden is responsible

I am just amazed taz didnt blame trump for it,,

that said,, the progressive movement is whos responsible for the decimation of the US economy and manufacturing base,,

 

[Concerned American]

All thanks to the government.
And retarded people want them to have more control of our lives. Its insane!

And like the government, you figure you can borrow your way out of it? Cinch up that belt. Those with ambition and stamina will survive. Others? Not so much.

 

[candycorn]

There are 12 billionaires who have worked (or are still working) in the blob’s administration with lord-only-knows how many millionaires. And you guys thought they were going to change the system tht made them mega-rich?

 

[Concerned American]

There are 12 billionaires who have worked (or are still working) in the blob’s administration with lord-only-knows how many millionaires. And you guys thought they were going to change the system tht made them mega-rich?

Bbbbut, Bbbbut, Bbbbut, someone's got more than you do---booo hoooo. Get used to it or you're going to have a looooong, unhappy life. There will always be those who have more than you do. Life is not fair. SMFH. Jealousy won't get you anywhere.

 

[Hellokitty]

That number is expected to almost double this year, which is not a sign of a booming economy. Furthermore, the average price of a new vehicle is now $50.000, which is out of reach for many people. Yes, people can buy used cars, but with used cars comes increased maintenance and repair costs. One thing I have always wondered about is why the consumer can't buy directly from the manufacturer? Why do we need to go through a dealership, a middleman, instead of buying directly from Ford? That would cut down immensely on the price of a new car and make them more affordable, yet I never hear any of the politicians talking about this.

An increasing number of Americans are falling behind on their car payments, mimicking a trend commonly seen at the start of major economic downturns.

Last year, 1.73 million vehicles were repossessed, which is the highest number since the year following the 2008 financial crisis, according to a report by the CFA seen by the Wall Street Journal.

"Delinquencies, defaults, and repossessions have shot up in recent years and look alarmingly similar to trends that were apparent before the Great Recession," said the report.

Delinquency, which refers to being late on loan repayments, can devastate investor confidence and lead to an economic crash.

MSN

Wait doesn't less people driving help the climate change?

 

[candycorn]

Bbbbut, Bbbbut, Bbbbut, someone's got more than you do---booo hoooo. Get used to it or you're going to have a looooong, unhappy life. There will always be those who have more than you do. Life is not fair. SMFH.

Its not a matter of them having more than me...its a matter of those who make public policy having little to no idea what the public is facing; much less caring to change it.

Jealousy won't get you anywhere.

Clearly you’re quite jealous since you’re absolutely nowhere.

 

[Thinker101]

That number is expected to almost double this year, which is not a sign of a booming economy. Furthermore, the average price of a new vehicle is now $50.000, which is out of reach for many people. Yes, people can buy used cars, but with used cars comes increased maintenance and repair costs. One thing I have always wondered about is why the consumer can't buy directly from the manufacturer? Why do we need to go through a dealership, a middleman, instead of buying directly from Ford? That would cut down immensely on the price of a new car and make them more affordable, yet I never hear any of the politicians talking about this.

An increasing number of Americans are falling behind on their car payments, mimicking a trend commonly seen at the start of major economic downturns.

Last year, 1.73 million vehicles were repossessed, which is the highest number since the year following the 2008 financial crisis, according to a report by the CFA seen by the Wall Street Journal.

"Delinquencies, defaults, and repossessions have shot up in recent years and look alarmingly similar to trends that were apparent before the Great Recession," said the report.

Delinquency, which refers to being late on loan repayments, can devastate investor confidence and lead to an economic crash.

MSN

Here's a thought, buy a cheaper car.

 

[Concerned American]

Its not a matter of them having more than me...its a matter of those who make public policy having little to no idea what the public is facing;

Nor should they. They should be in the business of governing. Keeping predators off of your back. Providing facilities and infrastructure for EVERYONE'S good---not cheating INDIVIDUALS. YOU are responsible for alleviating the problems that YOU are facing. The constitution doesn't have "being your nanny" enumerated as one of the benefits of living in this country.

Clearly you’re quite jealous since you’re absolutely nowhere.

LOL, I'm not jealous of anything. I am quite comfortable due to MY labors in spite of your belief that somehow you are entitled to what I EARNED. That is one of the wonderful things about self sufficiency--YOU take care of YOURSELF and laugh at those who refuse to do the same.

 

[candycorn]

Nor should they. They should be in the business of governing.

Public policy is governing shit-brains.

LOL, I'm not jealous of anything. I am quite comfortable due to MY labors in spite of your belief that somehow you are entitled to what I EARNED. That is one of the wonderful things about self sufficiency--YOU take care of YOURSELF and laugh at those who refuse to do the same.

You do nothing but make snide comments all day, every day.

 

[candycorn]

Here's a thought, buy a cheaper car.

The average car price is over $50,000 thanks to tariffs.

Here’s a thought, get rid of the tariffs.

 

[martybegan]

The average car price is over $50,000 thanks to tariffs.

Here’s a thought, get rid of the tariffs.

US built cars have tariffs on them?

Trump got rid of idiotic CAFE standards that caused some of the cost increase in vehicles.