60 day auto loan delinquency reaches all-time high

[Tribal Outkast]

Again, you got to make long term decisions when you’re in that dealership. You don’t know what your life will be like in 5/6 years while paying that car off. Get something you can easily afford. Cars are damn near luxury at the base model now, you can buy a 5 year old car and still have people jocking you. Folk want to ride in luxury while living in modest apartments. That’s crazy to me. Be smart out here.

I’ll never forget when I was looking for my first car I went to a place called JD Byrider(remember them?) Dude tried to get over on me big time talking about I had no choice but to give them like 500 a month. That was before looking at any cars. I said I came on the bus and I’m leaving on the bus after that shyt lol. The damn dealer literally was trying to plan out my finances trying to show me I could get that weak ass car I left that mug went to a real dealership and got me a car with all kinds of features for like 215 a month. Don’t let these people play with you.

 

[⠀X ⠀]

But they told me that the economy was great!

 

[Rick Fox at UNC]

Have a car note brehs

What does this even mean?

Could buy a Porsche cash right now, why would I do that unless I have millions though?

Even then, my boy just bought an X5 loaded, could've cashed out more equity and paid outright. Why?

If you can finance at a low rate, finance something in your range.

 

[Consigliere]

Another leading indicator especially in MD is HOA debt. Your local HOA’s are hiding a ticking debt bomb.

 

[Sir Richard Spirit]

This story is reported every year. After Christmas, New Year, and during tax season.

When I was broke, I wasn’t paying shyt between Jan 1 until then taxes hit. I wasn’t paying shyt but rent.


This is why this story is reported every year at this time.

 

[Standing on business]

This story is reported every year. After Christmas, New Year, and during tax season.

When I was broke, I wasn’t paying shyt between Jan 1 until then taxes hit. I wasn’t paying shyt but rent.


This is why this story is reported every year at this time.

Because it’s getting higher and higher, this is the highest it’s ever been.

And 60 day delinquency is repo status and close to being charged off. Sooner or later there will be a collapse.

 

[CreepyMcCreeperson]

Both our cars are paid off, and not beaters

 

[The G.O.D II]

I bet 80% of that is with dodge. Those dudes give any bum off the street financing. Car prices and rates are fukking crazy. Even modest lines like say a 4Runner is over 50k. And people with A1 credit in the 700 to 800 paying over 6%. I can only imagine what these roaches out here putting down and paying monthly. Probably 300 with a 1500 bi weekly car note

 

[Sir Richard Spirit]

Because it’s getting higher and higher, this is the highest it’s ever been.

And 60 day delinquency is repo status and close to being charged off. Sooner or later there will be a collapse.

This was all said last year and every year before that. I’ve been on the internet for a while now. Every year between Thanksgiving and tax season this report is made.

10 years ago a Nissan Versa was like $12,000 brand new and now it’s like $19,000 brand new.

Of course car notes are the highest they ever been. New cars are going up in price not down.

 

[feelosofer]

Cars cost too much. Repairs cost much. Insurance costs too much and the manufacturers after the pandemic realized they don't need to incentivize their cars like that.

 

[SheWantTheD]

These Banks don’t give af.

I have a high credit score (was in the 700s in 2023) and when I went to the bank to open an interest savings account my bank said no.

I’ve had tens of thousands of dollars in my savings account not getting no interest all these years. They said nope we ain’t giving you shyt but we’ll gladly give you a car loan for that widebody scat pack you wanted that costs around 55k

I’ll keep my paid off car

 

[beenz]

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

they are banking on you not shopping around for new insurance. yeah it's a pain in the ass, but it can save you a lot of money potentially.

 

[JP_614]

Just paid off my Accord

 

[JP_614]

they are banking on you not shopping around for new insurance. yeah it's a pain in the ass, but it can save you a lot of money potentially.

This right here. I just paid off my car looked at my auto insurance plus renters. I recently changed to Virginia had Hawaii for a while that shyt shot up to $300 something with USAA like fukk no. Got quotes from State Farm, Gieco, Progressive, they even can see your policy now and show you it’s cheaper it’s just a matter of doing the work and switching. Going to decide on 1 tomorrow and change.

 

[Rekkapryde]

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

25K is base civic prices nowadays.

accords start almost at 30k now breh.

wife recently helped her mom get a new car over the Christmas Holidays so we saw a lot of what hondas, toyotas were going for.