People are missing their car payments.
The delinquency rate spiked from 2% to 5%.
Even prime borrowers are falling behind.
This is trouble. Most people will lose everything else first before they lose their car.
Auto loan delinquencies just hit a 15-year high. Consumers are skipping car payments, signaling deeper financial stress. Markets haven’t priced it in yet.
www.forbes.com
That would be because of high car prices, high interest rates and the end of federal stimulus checks left over from the dempanic.
The high new car sales numbers under Biden that dems love to use to prove how "good" the economy was are now coming back to bite those people in the ass as they really couldn't afford those vehicles and shouldn't have bought them.
But we all know that defaulting on a car loan for a car bought a year ago under Biden is, of course, Trumps fault.
I pumped avgas and Jet-A for a living for over a decade, drove a 25 year old Nissan truck to do it, saved up, and right after graduating from college a 2nd time, bought a car with a check. I've never had a car loan. If I can't write a check for the item, I don't buy it, period. The only exception to that was my house, and I paid my 30 year loan off in 7 years, saving over $130,000 in interest payments alone. And I dropped 20% down payment before close.
Besides that car that is now 13 years old, my other vehicles are 24 and 28 years old, respectively. I owe 0$ to anyone other than the monthly credit card bill. You have to be responsible with your money. I see these people driving around in brand new F-250 6.7 Powerstroke Platinums and I think "good luck paying that ************ off." I'm happily lollygagging along in my nearly 30 year old paid-off truck that runs like a clock. Manual door locks, manual windows and a 5 speed. Works for me.
Oh yea, I have two boats. One is 35 years old, the other is 34. They're in two different locations, one is at a relatives lake house. I paid $4500 dollars for a Ranger bass boat with a 150 on it, boat motor and RangerTrail trailer. That boat today, equivalent, is roughly $45000 dollars. Oh yea, and its on the much more rare, and sought after for this model of boat, tandem axle trailer.
Again, you gotta be SMART with your money.
