60 day auto loan delinquency reaches all-time high

[Standing on business]

Record high automobile cost, Record high auto loan, record high monthly car payments, record high delinquency. Its going to all come down so hard

Americans are behind on car payments at a record level​

Summarize

April Rubin

Americans are missing their car payments at the highest rate in decades, according to Fitch Ratings data.
Why it matters: Car costs, including loans and insurance, have soared in an economy where consumers are showing mounting signs of stress.

By the numbers: 6.6% of of subprime auto borrowers were at least 60 days past due on their loans as of January 2025.

• This is the highest level since the agency began collecting data. The fall and winter of 2024 saw the next highest subprime delinquency rates.
• Prime borrower scores are faring better than subprime, with 0.39% 60-day delinquencies in January 2025, up from 0.35% in January 2024.

Threat level: "Subprime auto loans face a deteriorating outlook for 2025," a Fitch report said.

Driving the news: Multiple factors have increased the cost of car ownership, per Cox Automotive executive analyst Erin Keating, Axios' Joann Muller reports.

• Vehicle prices are higher, averaging just under $50,000, and high loan rates (over 9% for new cars and almost 14% on used cars) are translating to steep monthly payments.
• Plus, car insurance rates are up 19% year over year, while repair and maintenance costs have risen 33% since 2020.

State of play: Other metrics, like consumer confidence and credit card delinquencies, are showing warning signs, too.

• The number of credit card holders only making minimum payments rose to a 12-year high, per the Philadelphia Federal Reserve.
• In the third quarter of 2024, the number of 30-day delinquencies rose to 3.52%, which marked double the rate from the pandemic low in 2021.

Zoom in: Delinquencies typically increase in January and February after the holidays, Mike Girard, Fitch's senior director for asset-backed securities in North America told Bloomberg.

• Low-income borrowers, though, will continue to be affected this year because of inflation and interest rates, he said.

 

[EndDomination]

Bleak economic prospects.

Indicators like these bolster my fear that there is a looming recession that will be exacerbated by the Trump regime’s policies

 

[jdubnyce]

Yup
Keep buying those models 3s, 5s, cybertrucks, caddys, bimmers, etc

Yall gonna learn

 

[Bunchy Carter]

This thread is not going to do numbers because majority of the posters in TLR do not own a car and take Uber/Lyft:

Uber/Lyft drivers being p*ssy unappreciation

Back in the day it wasn't shyt to pull up at a red light, look to your side and see another Uber/Lyft, and the moment the light turned green yall were drag racing. Idk if they started monitoring, getting rid of all the real ones or what, but this this new generation is scary as hell :gucci...

www.thecoli.com

 

[Amerikan Melanin]

Keeping my cars as long as I possibly can.

 

[King Poetic]

Are u surprised

Poor people don’t know numbers

All they know is want that ride that others will look at me like i got it going on

So they sell people on these expensive cars with $500 dollars down and $700 a month car notes

And now u can drive off the lot with a $30,000 car with 60,000 miles on it

 

[Brolic]

 

[Chrishaune]

The collapse is what they want to put in the system that they have been planning for you.

You think it's bad now......

 

[CashmereThoughts]

Have a car note brehs

 

[Shadow King]

Yup
Keep buying those models 3s, 5s, cybertrucks, caddys, bimmers, etc

Yall gonna learn

Are u surprised

Poor people don’t know numbers

All they know is want that ride that others will look at me like i got it going on

So they sell people on these expensive cars with $500 dollars down and $700 a month car notes

And now u can drive off the lot with a $30,000 car with 60,000 miles on it

A fully loaded Accord is $50K.

Stop it.

 

[Ezekiel 25:17]

Keeping my cars as long as I possibly can.

Yep. My note $400, can't wait till it's paid off. Fingers crossed it lasts me another 5 years without sinking too much money into it.

People don't realize that car note and credit card debt are killers.

 

[greenvale]

 

[Ezekiel 25:17]

A fully loaded Accord is $50K.

Stop it.

Where you getting $50k from? I see most around $25k

 

[Recca Gatsby]

I think these insurance companies are really doing a big part of the damage. What is keeping them in check?
All they have to say is "Hey the average accident in your area increased so we are increasing your insurance to accommodate it"--and how do you dispute that

 

[Chrishaune]

I think these insurance companies are really doing a big part of the damage. What is keeping them in check?
All they have to say is "Hey the average accident in your area increased so we are increasing your insurance to accommodate it"--and how do you dispute that

Everybody should recognize it's setup to take from you now and that's been the plan.

"Work harder" "Pull yourself up" just means help them build the system of enslavement, then they get rid of you when it's complete.

All of these different avenues they have of increasing how much they take away from people just makes it more inconspicuous for the ignorant.

People who have retired will find they don't have enough.

UBI is the pacifier to keep people in line and following the system of enslavement.