An Auto Loan Debt Crisis Looks Imminent
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 was looking at the amount of bad debt that Americans are in with mortgages, and with the moratorium over on student loan repayments, earlier this year it looked like another 2008 on the horizon. I never considered though that it would be the car payments getting defaulted on.
Most Loans after 2008 have a shit ton of checks and balances to make sure you really really can afford it. If you've gotten a mortgage since then - it has honestly felt violating.
Those checks and balances never existed for cars.
You tell me you make 100k and can afford a 90k car? Okay. Sign on the dotted line. Real life they make 17/hr.
Cars are becoming the new houses, so kinda makes dystopian sense?