An Auto Loan Debt Crisis Looks Imminent
Car loan debt has ballooned, delinquencies are still rising, and major lenders are leaving the market. Is an auto loan debt crisis coming soon?
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I don't understand how people buy new cars. They cost like 1/4 of a house.
Debt that they can't afford. You can get approved generally for more debt than you can feasibly make payments on. Easier for a working class schmo to get approved for a $90K truck than a $500K house.
Who the fuck pays $90k for a truck?
Anybody willing to do that deserves it.
Lots of people. I don't get it either, but here we are.
Like a quarter of the US, lol
People assume they wouldn't be approved for a loan amount they couldn't afford
Not many people understand they the debt is sold to someone else and soon as you walk out the door
Have you looked at the price of trucks lately?
I mean it depends on what you’re looking for. For some the ability to have all the features they want and not have any small issues are worth the premium. You can choose what you value.
I think it’s a different argument where people buy products outside their means.
A lot of people earn a lot of money. Especially in the US.